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A guess at Malta


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tl;dr Malta makes a lot of money on virtual gaming and is looking to position themselves as the leaders in blockchain technology adoption.  This is supported by their central bank, I only know of one crypto asset that has a history of working with global banks.

A picture is worth a thousand words.  There's a whole pile of assumptions that have to be made before giving this any credence, I'm going to ignore those for the most part primarily because I can't prove or disprove anything about who BearableGuy123 is or what they know.  Aside from the glaring $589+ prediction for EOY2018 the two bits of information that seem relevant are the fact that the picture is of the UN and the fact that the Maltese flag has the George Cross replaced with the Ripple logo.  Bypassing theories about the UN wanting to replace the USD as the primary global currency let's assume that the it was chosen to show that out of all the countries represented Malta is the one.  "The one what?" you may ask.  "Why the Ripple logo?" you may ask.  Those are the questions I asked Google and here is what I learned-ish (nothing concrete with regard to Ripple unfortunately).

It turns out that since the enactment of the Public Lotto Ordinance in 1922 the gaming industry has become a large part of the Maltese economy, making up 12% of the total economic value added generated in the Maltese economy in 2016, which is about $1.3 Billion USD based on the 2016 GDP of $10.95 Billion USD.  I couldn't find the numbers but that seems like a large volume of global currencies changing hands would be needed to drive Malta's revenue up that high.  Seems like a good source of liquidity.

In April of 2017 Malta's Prime Minister revealed that his cabinet has approved the first draft of a national strategy to promote blockchain, the Malta Blockchain Strategy.  This Malta blockchain plan has the single purpose of making Malta one of the first countries in the world to embrace blockchain.  So Malta's Prime Minister has stated that he wants to spearhead blockchain technology adoption and his government has put together a strategy to make it happen. 

In July of 2017 the Malta Gaming Authority published a white paper proposing major reforms to Malta's Gaming Legal Framework.  The paper states: “The Authority is cognizant that the rise of crypto-currencies is inevitable. Conscious of the need to remain at the forefront of innovation and to keep up with new developments in technology and the industry…the Authority is committed to allow the use of cryptocurrencies by its licensees in the immediate future.”

As part of that strategy the Malta Gaming Authority commisioned PricewaterhouseCoopers to put together a report on how a potential introduction of virtual currency to Malta would go.  In October 2017 PricewaterhouseCooper recommended that the Malta Gaming Authority setup a "Sandbox" test where virtual currencies could be tested within the Maltese gaming industry.  According to the MGA chairman Joseph Cuschieri, the Malta Financial Services Authority, the Financial Intelligence Analysis Unit and the Central Bank of Malta agreed to participate in the virtual currency roll-out test and will be providing their feedback when necessary.  This test, as far as I can tell, is happening right now.

Also in October of 2017 the Malta Gaming Authorities Chairman Mr. Joseph Cuschieri participated in a panel discussing the regulation of the digital market with counterparts from the UK and the Isle of Man and other experts.  During the panel, Mr Cuschieri announced that in early Q1 2018, the MGA will be publishing two detailed position documents – one on the virtual currency sandbox launch and another on the application of DLT (blockchain) technology in the provision of gaming services by licensed entities.

So if you want to buy into BearableGuy123 as a person with insider information (not saying that I do) then it become easy to connect a few dots and see that sometime in Q1 2018 the government of Malta is going to release reports discussing their trials with virtual currency and on how DLT could be applied to gaming.  We know that the virtual currency trials are being conducted with participation between the Malta Gaming Authority, the Central Bank of Malta, and the Malta Financial Services Authority.  Does Ripple fit into this somehow?  We will have to wait until those reports are published to find out.  Can we speculate on how Ripple could fit in?  Sure thing.  Ripple has a history of working with central banks and also has (I think) a good shot of addressing the regulatory concerns being addressed with the Maltese Gaming Legal Framework.  This relationship also has the potential to give Ripple much needed liquidity with XRP as a lot of cash flows into and out of Malta right now through their virtual gaming industry.  Also, given that Malta really wants to be the global leader in blockchain technology adoption and regulation a strong partnership now with Ripple (or whoever they decide to work with) may go a long way in making Ripple (or whoever they decide to work with) the de-facto global blockchain tech.  Maybe?

Do you buy it?

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A lot to absorb but I do realize that online gaming is very big business. Malta already uses the Euro so no issues with cross boarder reconciliation (probably) . To expnad beyond the EU they would have to readily accept and reconcile monies from around the globe. So maybe...

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If there is anything to this I'm not sure if the angle is XRP for settlement as part of a large virtual gaming market, or if it's Malta leads the charge for government adoption and regulation of crypto assets (because of their gaming use case) and they choose Ripple and XRP as the standard.

Maybe some clarity will come with the Q1 reports from the Maltese government?

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4 minutes ago, BluKoo said:

You might be right.

The flags are in English alphabetical order, and i see the USA flag near by, so it could well be the UAE flag.

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A quick google tells me that the flag before it (green yellow red) is Mali. So it makes sense that the ripple flag is Malta, if we are going by alphabetical order.

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3 minutes ago, djdhrubs said:

A quick google tells me that the flag before it (green yellow red) is Mali. So it makes sense that the ripple flag is Malta, if we are going by alphabetical order.

The flag in the image was indeed Malta, but he altered it. Ripple has been linked to UAE before, nothing yet found on Malta.
Like I said before, this looks to obvious for a message of BearableGuy123.
But hey, just my 2 cents (or drops, whatever...)

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1 hour ago, heimdall said:

The flag in the image was indeed Malta, but he altered it. Ripple has been linked to UAE before, nothing yet found on Malta.
Like I said before, this looks to obvious for a message of BearableGuy123.
But hey, just my 2 cents (or drops, whatever...)

Most of the news out of Malta related to crypto assets has been about Bitcoin, even quoted from government officials.  BearableGuy123 is the first association of Ripple with Malta I've seen.  So the connection may seem too obvious but I think it would still be unexpected for the Q1 reports to be pro-Ripple.  That said I'm obviously biased.

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