Recently, the Government of Malta has dropped sad news on its citizens and especially the cryptocurrency enthusiasts. The Government of Malta had recently expressed its interest in the cryptocurrency sector. It announced that similar to other crypto-adopting countries, it also wanted to utilize crypto-technology for its economic development.
It was the Finance and Employment Minister ‘Clyde Caruana’ of the Government of Malta who made the sad announcement. He stated that the Malta Government had plans to become a blockchain island and provide opportunities to their citizens, private, and government sectors to benefit from the technology.
However, things are not going as the Government of Malta had planned them out to be. He stated that all their efforts and struggles seem to have gone to waste as their idea has not been recognized by the banks.
He stated that the local banks in Malta are currently unwilling to consider or even collaborate with innovative firms that are working on blockchain technology.
When approached by Lovin Malta, which is a local media outlet in Malta, Caruana talked about the current state of crypto-blockchain technology in the country. He stated that there are few local businesses that have managed to secure partnerships and collaborations with banks.
However, the local banks at present are not interested or flexible enough to consider the options of adopting crypto-blockchain technology. While talking about crypto-blockchain technology, Caruana stated that the crypto-industry has been constantly developing.
In a matter of a decade, the industry has managed to gain worldwide recognition and mainstream success. This is the reason why the Government of Malta is interested in investing its resources in development and research programs related to crypto-blockchains.
He urged that the local banks in Malta also have to realize the importance of the crypto-blockchain technology. The local banks need to understand that crypto-blockchain technology is the future of financing. If the local banks do not realize it and keep neglecting it, then their finance infrastructure would become inferior as compared to the global infrastructure.
In order for Malta’s blockchain island project to be successful, the Government of Malta needs support from the local banks.
Furthermore, Caruana also emphasized building a strong crypto-blockchain community in Malta. He stated that the Malta Government, financial, and technological institutes desperately need to work together in the crypto-blockchain space.
He stated that these entities need to start investing in improving and building the skills of the cryptocurrency-blockchain community. By doing this, the Government of Malta will ensure that the blockchain industry in the country flourishes and gets widely adopted.
He also added that cryptocurrency-blockchain technology has the potential to keep growing and making room for innovation. However, the input and contributions from the local banks are critical in the adoption of crypto-blockchain technology locally.