Once touted as a way towards the future, Malta's crypto and blockchain hopes of pre-eminence have been dashed, says Finance and Employment Minister Clyde Caruana.
Caruana said that the country has been struggling to deliver on the promise of shaping itself as a global powerhouse in the industry.
He says the reason is lack of support from local banks to make decisive steps towards blockchain innovation. Traditional banks have been dismissive of blockchain, and worse, not trusting it enough.
To move forward, Caruana said it would be necessary for traditional banking players to invest. Retail banking skepticism is hurting Malta's prospects of beating many others to the punch and shaping itself as the leading force in the industry.
Even though the country has been quick to adopt blockchain regulations, dating back to 2018, no significant move forward has been made. Malta's new government has said that it will pursue blockchain opportunities, but so far, all efforts have been stalled.
Blockchain casinos may flounder in the small island nation which has been trying to balance between the mainstream and technological innovation. Today, though, Malta still hosts the operation of some of the biggest crypto casinos.
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