The rise of Bitcoin and cryptocurrency means that soon, financial intermediaries will be “facing the chop”, Finance Minister Edward Scicluna said.
Speaking to news portal Cointelegraph, following the Delta Summit which was held last week, Prof. Scicluna said that the advent of cryptocurrency that is usable by the mass populace would put traditional financiers out of a job, just as digital cameras put out traditional photo processors.
“I can see this, just like in photography when you could tell that […] those who process the photos [are] going to lose their jobs, a lot of financial intermediaries will be facing the chop in the not too distant future,” he said. “This is a disruptive technology.”
Prof. Scicluna said that he had learnt “a lot” about cryptocurrencies early on from his son, who both bought and traded Bitcoin in its “early years.”
“I think [intermediaries] have to listen and be attentive; I think that’s what the banks are doing now,” he continued.
When prompted by Cointelegraph to state whether he believed that cryptocurrency and blockchain could help prevent another financial crisis, Prof. Scicluna stated simply that “it’s a big revolution,” and that “the possibilities are endless.”