The MP accused the Maltese authorities of embezzlement 3 million euros for the successful development of blockchain – Bits Media

Malta's parliamentary opposition member Jason Azzopardi accused the government of waste 3 million euros for the initiative to create a “blockchain island”, which was unsuccessful.

How
reports the local Times of Malta, Jason Azzopardi (Jason Azzopardi) blamed the Maltese authorities in the misuse of the state budget for the development of startups, using blockchain. Azzopardi believes, that the government’s initiative to develop this technology in the country was “doomed to failure”. The MP called these costs inappropriate and quoted Malta's Finance Minister Clyde Caruana (Clyde Caruana), that “blockchain island” is just “buzzwords”.  

According to Azzopardi, the low level of cryptocurrency regulation in Malta has led to, that the Financial Action Task Force (FATF) added the state to the “gray list”. IN 2018 year, Malta began to actively shape the country’s image, cryptocurrency friendly. The state provided fintech companies, coming to the island, a whole year to obtain a license. According to Azzopardi, During that period, the country became the “Wild West” due to a surge in high-risk transactions, carried out on unregulated cryptocurrency exchanges.

Last year, the Maltese authorities recognized, that Malta is no longer a “blockchain island”, therefore will not get hung up on the development of this latest technology, but will focus on the digital economy as a whole. MP added, that due to Malta's inclusion in the FATF "grey list" the entire population of the island suffered. The government has put the country in a situation, when foreign investors do not want to expand their presence in Malta, and local youth do not see a future here.

"The government has lost its sense of conscience. It could use 3 million euros not for blockchain development, and to help the elderly, who are trying to make ends meet", - Azzopardi said.

However, Maltese Economy Minister Silvio Schembri (Silvio Schembri) disagreed with Azzopardi's statements and said, that he is “out of touch with reality”. According to Schembri, The country currently has a record low unemployment rate., Despite the crisis, caused by a pandemic. Besides, Azzopardi still doesn't understand the difference between blockchain and cryptocurrencies.