Malta Prime Minister: Europe needs to embrace Bitcoin as soon as possible, this is the general trend

Europe's current financial situation is definitely not healthy. Muscat, the Prime Minister of the Republic of Malta, the "heart of the Mediterranean", believes that Europe should embrace Bitcoin as soon as possible because it is the general trend. It would be quite interesting if Europe became a Bitcoin continent, to say the least. However, whether it can come true remains to be seen.

Can Europe Become the Bitcoin Continent?

The statement by the Maltese Prime Minister has attracted a lot of attention and has come as a surprise. Although Malta has always been open to Bitcoin, it is not certain why the Prime Minister is so keen on Bitcoin.

Especially considering that Bitcoin currently only seems to be gaining popularity in the local gambling industry. Beyond that, Bitcoin usage in the region is almost non-existent.

To understand the statement of the Maltese Prime Minister, you need to know something about the euro. When the euro was first introduced, many people believed that a unified currency would be very powerful for the whole of Europe.

Although the euro has successfully weathered several crises, the currency has failed to bring European countries closer together. In fact, the monetary system has been severely hit, leaving consumers with far less purchasing power than before. It will be interesting to see what happens in the future if European regulators decide to investigate this approach.

Although the statement by the Maltese Prime Minister sounds interesting, it is questionable whether Europe will stop opposing Bitcoin. More precisely, central banks throughout Europe have a history of blocking Bitcoin transfers. The UK in particular is the leader in opposing Bitcoin. According to a recent report by Babbitt, major British banks have frozen Bitcoin accounts and stopped deposits and withdrawals of British pounds. In particular, if the EU embraces Bitcoin and the UK is no longer part of the EU, it is really interesting to see how the situation will develop. Now the EU economy is about to undergo a huge change, and Bitcoin may be an option.

In addition to Bitcoin, Malta is also exploring blockchain technology. At the end of last year, the Malta Stock Exchange (MSE) announced the establishment of a blockchain committee to develop blockchain technology strategies. MSE believes that blockchain can save the financial industry more than $100 billion in back-end operating costs each year, so this technology will transform the global settlement process.