Earlier this week, seven major countries within the European Union announced the establishment of a new working group called the Mediterranean Seven, in order to further promote and explore blockchain technology and blockchain based solutions.
The group is to be headed by representatives from both Malta and France. This is significant as Malta is the official home of Binance, so you can get your bottom Bitcoin that Binance have a lot of input in this. Other members include representatives from; Italy, Spain, Cyprus and Portugal.
Malta blockchain island
Malta is slowly becoming ‘the’ blockchain island and therefore it’s not exactly a shock to see that Malta are leading this group forward. Malta simply want to nurture a positive approach to blockchain and cryptocurrency across Europe, so are therefore working as closely as they can with their neighbours to ensure that this happens. They see a future in the blockchain that most other European countries are failing to recognise and therefore have some responsibility to ensure a positive message is spread about the industry and its technologies across the continent.
Plus, Malta recognise that once Europe backs Bitcoin, the rest of the world might follow on too.
According to CCN, Maltas presence within the Mediterranean Seven is more important than you might think:
“The involvement of Malta in the initiative could result in a positive effect on the European cryptocurrency sector as a whole, as it indirectly demonstrates the approval of the other six countries in the declaration of Malta’s efforts in facilitating the growth of the local cryptocurrency market. The formation of the Mediterranean seven follows the call of the G20, a forum of government officials that represent 20 of the largest economies in the world, to monitor and regulate cryptocurrencies as an asset class and the market surrounding it.”
The Innovation Minister, Silvio Schembri has commented on the recent Mediterranean Seven announcement, proving that they are in this for more than just cryptocurrency, and they want to nurture the entirely of the blockchain industry:
“Malta is the first world legislator to offer a regulatory environment for all blockchain technology. We are not only interested in cryptocurrencies.”
This is a group we should all be keeping an eye on, hopefully something very positive comes out of this for countries in Europe!