Finance Minister of Malta: cryptocurrencies could cause financial intermediaries to “lose their jobs”

Financial intermediaries could “stay out of work” thanks to Bitcoin and cryprocurrencies , said Minister of Finance of Malta to Cointelegraph in an interview on Friday 5 October.

Speaking in a private interview during the Blockchain Conference in Malta: Delta Summit 2018, Edward Scicluna said that the advent of the cryptocurrency, which can be used by the general population, was making financial intermediaries follow the path of traditional photo developers. .

“This is a disruptive technology,” he answered when asked if he sees cryptocurrencies as a future payment method, continuing:

“I can see this, as in the photograph, when it could be said that […] those who processed the photos [were going to] lose their jobs, many financial intermediaries will lose their jobs in the not too distant future”.

Scicluna revealed that, although he no longer had cryptocurrencies, he had learned “a lot” about it for his son, who bought and exchanged Bitcoin in his “early years”.

“I think [intermediaries] have to listen and be attentive; I think that’s what the banks are doing now, “he continued.

Scicluna did not go so far as to claim that the cryptocurrency and blockchain could help prevent another financial crisis in itself. “It’s a great revolution,” he concluded. “The possibilities are endless”.

The comments come as a small surprise after the support of Malta’s ongoing alliances with the cryptocurrency industry as part of its quest to become the so-called “Blockchain Island”.

Last week, the country’s prime minister, Joseph Muscat, continued the official line of support in a speech to the United Nations , during which he called cryptocurrency the “inevitable future of money.”