The Maltese government has revealed it is developing an artificial intelligence strategy after recent success as a 'blockchain island.'
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Malta's government has announced that it is set to create a national artificial intelligence strategy at the recent Malta Blockchain Summit.
Malta's Junior Minister for Financial Services, Digital Economy and Innovation, Silvio Schembri, revealed the country's plans for the governments new task force to become the world's leading AI nation. Speaking at the Malta Blockchain Summit, Minister Schembri spoke of how the country plans to develop more regulatory frameworks in the AI space. In his speech, Minister Schembri stated that:
"As a government our vision goes beyond blockchain technology, now that the laws are in place we have already set the ball rolling to explore new areas such as AI."
Malta.ai explains the governments plans in more detail and outlines the overall roadmap for this new venture. Further reports from the Malta Blockchain Summit explain how AI projects are to be monitored by the Malta Digital Innovation Authority; the same governmental arm that monitors distributed ledger technology (DLT). Malta.ai's website states that the main purpose behind this latest announcement is to:
"...devise a holistic approach on the sector, involving academia, start-ups and companies, to find ways how to create a sustainable local engine for growth, look into the unknown risks of AI without hindering innovation and economic development, and create a new sector for investment on our shores."
Malta is fast becoming the destination for both cryptocurrency and blockchain technology investors with crypto businesses like Binance and BitPay flocking to the island. The country's openness to innovation has seen a large spike in popularity from around the world and more projects continue to have Malta as their location of business. Malta's blockchain work and sufficient regulation means it is on track to become the hub for digital innovation should the momentum continue.