Crypto or traditional finance? Here’s what Malta’s business leaders think

Cryptocurrency has taken the world by storm in the past decade or so. From beginner investors looking to make a quick buck, to tech gurus set on adopting a new, more efficient way of handling payments, this relatively new type of currency has, quite literally, something for everyone.

Crypto is also in a very defining stage in its journey. The currency has, indisputably, shown strong potential, having been legitimised as a recognised form of payment in a handful of countries around the world. At the same time, making crypto your number one way of handling your finances isn’t exactly mainstream yet, either.

This leaves the future of crypto in a bit of a limbo, as consumers question whether recent events are proof of the currency’s potential or just the climax of an otherwise dying fad.

Locally, it is a very small portion of business leaders that outright prefer cryptocurrency over traditional finance – however, one shouldn’t ignore this demographic either.

Joseph Attard, CEO at industrial park administration company INDIS Malta, is one of those who recognises “crypto as the way forward”, however, he also acknowledges the fact that we cannot quite stop catering for traditional finance just yet.

Perhaps the most prevalent demographic of all is made up of those business leaders who believe that success lies in the joint use of traditional finance and cryptocurrency. This includes Francis J Vassallo Associates Ltd CEO Adriana Camilleri Vassallo, Melita plc CEO Harald Rösch, and Campus Hub CEO Christian Vassallo.

“As crypto adoption continues to accelerate, traditional institutions will have no choice but to embrace it,” BMIT Technologies CEO Christian Sammut says.

Similarly, Oxford House CEO Marco Galea notes that whilst he admittedly prefers traditional finance, “one cannot ignore the fact that crypto may become an undeniable part of our future.”

Mr Galea’s sentiment seems to be rather common amidst the local business community which, for the most part, believes that cryptocurrency is well on track to become mainstream.

Surprisingly, the portion of Maltese business leaders who aren’t too keen on about crypto is relatively small. MAPFRE Middlesea CEO Javier Moreno Gonzalez, who openly expressed his preference for traditional finance over crypto, supported this by saying that his company “seeks transparency, stability, and being predictable to clients.”

This article is part of the serialisation of interviews featured in MaltaCEOs 2022 – an annual high-end publication bringing together some of the country’s most influential business leaders.