Malta Finance Minister says the country is planning to become “blockchain island“

Quick Take

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• The finance and employment minister in Malta has recently revealed that the country is planning to become a “blockchain island“. 

• The term has been used before to describe the Island before but for such an official to recognise the importance of multiband its part in the development of the crypto industry is very exciting. 

Clyde Caruana, the finance and employment minister in Malta has recently revealed that the country is planning to become a “blockchain island“. The term has been used before to describe the Island before but for such an official to recognise the importance of Malta's part in the development of the crypto industry is very exciting. 

The reason for the nickname, and likely the reason the finance minister has recognised it, is because of the lack of willingness that local banks have to work with innovative companies.

Speaking to a local news outlet, the minister said that a handful of local companies have been able to secure partners with financial institutions saying “traditional banks have written off blockchain at its early stages.”

Further:

“The banks must be convinced that this is something that can really happen; unless banks are on board it will be very difficult.”

On top of this, the minister went on to discuss the need to invest in building the skills necessary in order to support the blockchain sector in the country. 

He said, “there’s always the potential - to be a blockchain island - but if we want to make it happen, there must be more work.” 

The minister went on to say that “retail banking scepticism“ has a big impact on other emerging industries, as well as blockchain. As an example, he even said their plan to support medical marijuana. 

He added:

“It’s not just about whether the industries are new or old, but rather a question of skills. [If] investors don’t find what they require, they may think twice. If we want to keep on attracting investment to Malta, we must make sure we have what it takes in terms of skills.”

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