A crypto manifesto in Malta could say: “Stable coins are the future”, since Prime Minister Joseph Muscat, not new to favourable statements towards cryptocurrency technologies, has intervened on stable coins stating that they are a very interesting technological solution for future developments.

Muscat, in fact, said:

We’re obviously not going to intervene in banking policies because they have to deal with issues such as correspondent banking and risk assessments. Our job as a government is to create this new market and not allow a vacuum to form within it. Some platforms are already banking in cryptocurrencies and new sectors, such as stablecoins, are being set up that are being viewed as more secure. That’s the way the sector is evolving and we look forward [to such developments] positively“.

The Maltese Prime Minister then added that whenever someone goes to Malta to do business in the cryptocurrency sector he always urges them to maintain their previous banking arrangements.

Joe Cuschieri, managing director of the Malta Financial Services Authority (MFSA), also urged banks to open up to crypto companies.

It is abundantly clear that Malta needs more banks to participate in the development of our economy, particularly in the digital and FinTech space. I am not happy with the current situation on various fronts and doing nothing is not an option for me. Our banking strategy and policy review to be published next year will address this challenge in a holistic fashion and we will consult with all stakeholders before any decisions are taken“.

In the past, Muscat had already made similar statements:

Millions of people already attribute value to virtual currencies, which has created an entirely new market. The concept sounds confusing right now, but I have no doubt that it will form the base of a new economy in the future. Just as we attribute value to pieces of paper, so too will future generations attribute value to electronic storage systems“.