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Malta to introduce fake cryptocurrency in order to prevent potential economic risks

October 10, 2017
1 min
5115

The Maltese gaming regulator MGA announced about some of cryptocurrency tests being conducted on the territory of the “sandpit”, which is a nickname of Malta.

It is reported that the MGA, in collaboration with an auditing firm known as PricewaterhouseCoopers (PWC), is going to integrate fake cryptocurrency into the sector of online gambling in order to identify potential economic risks as a result of integration of real digital currencies, Bitcoin in particular.

Operators are not allowed to work with cryptocurrencies on their online channels, until the test results are known and the impact of the fake cryptocurrency on the overall economy is thoroughly analyzed.

The digital currency test will be conducted within the support of the Maltese Department of Financial Services, particularly the department of Financial Intelligence.

Note that a year earlier, the head of the Malta Regulatory Agency, Joseph Kusheri, insisted on the fact that use of Bitcoin and similar digital currencies bears enormous risks for the national economy.

However, the expert has recently made a statement to the local media, saying that the regulator could not stay away from matters of integration of cryptocurrencies into the sector of online gambling and this issue has to be solved as soon as possible.

Malta has previously about the launch new licensee management system.

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