THELOGICALINDIAN - As Malta cements its position as above cryptocurrency hub in the all-around mural Marcel Cassar the new Malta Bankers Association MBA Chairperson weighs in with his angle on the sector
Cassar points to new technologies presenting opportunities in his interview with The Malta Independent, acquainted that Malta faces important tests including the aboriginal All-embracing Monetary Fund (IMF) Banking Sector Assessment Programme for Malta back 2003. Malta’s banking casework industry and authoritative framework are beneath added analysis by EU and all-embracing institutions and governments.
It is not hasty that Malta finds itself in the spotlight. Prime Minister Joseph Muscat is auspicious the advance of the blockchain and cryptocurrency sector. The Maltese government anesthetized bills in April 2018 which accommodate a assured authoritative framework and the country is now home to Binance, one of the better cryptocurrency exchanges in the world. It additionally boasts the better cryptocurrency trading aggregate in the world, according to Morgan Stanley.
So what does the new MBA armchair accept to say about blockchain?
Cassar says it’s “wonderful,” but that a blockchain anarchy of business and government could still be years abroad because abounding “barriers would charge to abatement in.” He sees blockchain, or broadcast balance technology (DLT), as a basal technology, the allowances of which are “undisputed.”
Cassar believes there is little affirmation to advance that cryptocurrencies are a blackmail to authorization currencies in the abbreviate or average appellation about he does accept they are a blackmail to banks:
He explains that abounding banks are council bright of cryptocurrencies because of their “novelty”, as they are not accepted acknowledged tender, or backed by a axial coffer and present the accident of money laundering.
Other banks he says, are demography advantage of the befalling by advising on ICOs, accouterment crypto-tracker funds, aegis services, and demography a added accessible stance. Though it will be a “risky road,” Cassar is optimistic about the approaching of cryptocurrency:
On the actualization of technology companies accepting cyberbanking licenses to accomplish in the area and booty advantage of new banking technologies Cassar quotes Walter B Wriston from 2024:
In the face of the new technologies that cryptocurrencies and blockchain represent, if banks appetite to break relevant, they accept no advantage but to innovate. However, accepted cyberbanking addition is cher with no exclusivity, which is authoritative way for fintech firms to advance innovation.
Considering Marcel Cassar’s new role at the beginning of Maltese banking, in a country that is assuming cogent backbone in the beforehand of blockchain technology and cryptocurrencies, his angle could prove influential.
Do you anticipate cryptocurrencies are a blackmail to acceptable cyberbanking services? Should banks embrace and accept cryptocurrencies added agilely to survive?
Images address of The Independent Malta, Shutterstock
