Malta Bankers’ Association head lauds blockchain

June 19, 2018
Chris Wheal

The incoming chair of the Malta Bankers’ Association has talked up the prospects for cryptocurrencies as the jurisdiction continues to position itself as a crypto pioneer.

In an interview with local newspaper The Malta Independent, Cassar said the advent of blockchain and cryptos threatened the traditional role of banks even to the point where the latter could become “obsolete.”

Blockchain revolution

Cassar, however, believes the tipping point for bankers could still be some time away.

“Going by our experience of technological innovation, a blockchain revolution of business and government could still be years away because many barriers would need to fall in the meantime,” explained Cassar.

Malta has been among the early pioneers of blockchain, having welcomed various crypto exchanges to set up shop in the country. Binance, OKEx, and BitBay are among the platforms operating there.

Cassar

Marcel Cassar

Risk control

While claiming that blockchain offered a gateway to “new platforms for our economic and social infrastructure,” Cassar also highlighted the importance of regulation and risk control.

“We need to be sure of what enhanced risk management and compliance capabilities the banks are putting in place because there are also other important linkages that need to be protected, among others our correspondent banking networks which still see these technologies as new and susceptible to risk of criminal abuse,” said Cassar.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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