Blockchain Stands to Cut out the Middleman According to Malta’s Finance Minister
Malta’s Finance Minister Affirms That Blockchain Means That Financial Middlemen “Face the Chop”
According to the Finance Minister of Malta, financial intermediaries will be “facing the chop” thanks to the blockchain technology and the cryptocurrencies. Edward Scicluna has affirmed that the advent of cryptos has the power to make a massive shift that will take the place of the middlemen because it is a very disruptive technology.
Scicluna has affirmed that crypto is the payment method of the future and that the process will be just like with photography, as the technology has made the people who process the photos obsolete and the blockchain will do the same with all the unimportant middlemen of the current financial system.
He has revealed that he does not longer hold any asset in the form of cryptos but that he has learned a lot about them from his son which traded Bitcoin during the early years of the token and he affirmed that the intermediaries have to listen and be attentive if they want to have some function in the future, which is what the banks are doing.
Scicluna has defined the cryptocurrencies as a huge revolution that has endless possibilities and that they would change all the centralization in the market.
Malta, The Blockchain Island
It is no surprise that the Finance Minister of Malta, known as the “Blockchain Island”, is such a fan of cryptos. The country has a very progressive stance on the technology and has been continually making partnerships as part of a larger effort to transform the country into the biggest blockchain hub of the world.
Just last week, the Prime Minister of Malta, Joseph Muscat, called cryptocurrencies an “inevitable future” at a reunion on the United Nations, so we can see that the whole country is aligned to see the blockchain as the true future of the world.