The financial situation in Europe is anything but healthy right now. According to Malta’s Prime Minister, Europe should embrace bitcoin sooner rather than later. Turning Europe into the bitcoin continent would be quite intriguing, to say the least. Whether or not this will happen, remains to be seen, though.
It is quite an intriguing statement by the Prime Minister of Malta, to say the least. Europe has remained rather quiet on bitcoin and cryptocurrencies as of late. That is not entirely surprising by any means, although things may change in the near future. If it is up to the Prime Minister of Malta, that will be a very positive change for bitcoin moving forward. In his opinion, Europe should simply become the bitcoin continent.
Can Europe Become The Bitcoin Continent?
Rest assured such a statement catches many people by surprise. It is unsure where his sentiment comes from, even though Malta has kept an open mind towards bitcoin for quite some time. Especially where the local gambling industry is concerned, bitcoin seems to be well-received so far. Other than that, bitcoin usage is virtually non-existent in the region, as far as most people are aware of.
To put this statement into perspective, one has to understand a few things about the Euro. When it was first introduced, a lot of people felt a unified coin for all of Europe would be quite powerful. Despite the Euro surviving multiple crises, the currency has not brought European countries closer together by any means. In fact, the monetary system has taken a significant hit, leaving consumers with far less purchasing power than they had before. The Euro has not “failed” entirely, but it didn’t improve the situation either.
It is impossible to stop the rise of bitcoin and other cryptocurrencies. European regulators would do well to innovate and create a landscape for bitcoin rather than oppose it. A bold statement that will not sit well with quite a few regulators, that much is certain. Making Europe the home of bitcoin is quite a risky move, although it somewhat makes sense as well. It would be interesting to see what happens if European regulators decided to look into this approach.
Although this concept sounds quite intriguing, it is doubtful Europe will stop opposing bitcoin. To be more precise, central banks throughout the continent have a history of blocking bitcoin transfers. Especially the UK is a guilty party in this regard. What would more intriguing is how the EU could embrace bitcoin, now that the UK is no longer part of it. Big changes will come to the EU economy and looking into cryptocurrency could be an option.
Image via timesofmalta.com