Bitcoin, Citizenship & Brexit - PM Muscat

Prime Minister Muscat presents innovative ideas on the future of Europe

Dr. Jean-Philippe Chetcuti | Published on 24 Feb 2017

Bitcoin Citizenship  Brexit  PM Muscat

On the 23th February 2017, Prime Minister Joseph Muscat addressed the CEPS Ideas Lab in Brussels and proposed five main ideas which were meant to provoke thought and instigate discussion regarding a general way forward for Europe. Prime Minister Joseph Muscat addressed different topics, including bitcoin and citizenship, which he believes could be the key towards further innovation in Europe.

Europe as a Bitcoin Continent

While we have seen considerable resistance with respect to cryptocurrencies which are slowly permeating the financial services sphere, various financial institutions are slowly accepting the fact while the progress of Bitcoin currencies can be slowed, it cannot be stopped.  Dr Joseph Muscat feels that rather than resist, the European legislator should seek to innovate in this sector and be a pioneer by creating mechanisms that can regulate cryptocurrencies. This will enable EU member states to harness the potential of such currencies which are more efficient and transparent than traditional ones. Thus, the European legislator can better protect consumers and promote Europe as the” natural home of innovators.” For more information on Bitcoin, please click here.

Citizenship as an innovative policy tool

Citizenship is without a doubt one of the most controversial topics which was the subject of debate not only in Malta, but all over Europe when Malta announced its intention to pioneer the first European Commission-approved Citizenship by Investment Programme. However, results speak for themselves and Prime Minister Joseph Muscat, speaking with the added benefit of experience, feels that citizenship can be an innovate policy tool for any European Member state which seeks to attract talented individuals seeking a new home in an EU member state. In his words, “citizenship is one key attraction that can make Europe unbeatable in the global race of the future.”

European Social Pact

In the light of the inequalities that have been created through the advent of globalisation, Dr Muscat proposes the signing of a social pact among EU member states that would promote all types of equality and social mobility.

European Integration Brexit Fund

The fee which the UK shall need to pay in order to exit the European Union (Brexit) has been a sensitive issue in the recent past months. Dr Joseph Muscat is of the opinion that a substantial amount of this settlement, or its equivalent, should be used to create a new European fund which will invest in communities which feel most detached from the European project. 

Open negotiations on Chapter 24 with Turkey

Turkey’s situation is a highly delicate one, however, Dr Joseph Muscat feels that there is much to be gained from engaging in more open discussion with Turkey, particularly with respect to justice, freedom and security.

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