The prime minister of Malta Joseph Muscat gave a historic speech at the United Nations last week. He intoned: “”Blockchain makes cryptocurrencies the inevitable future of money, more transparent since it helps filter good businesses from bad businesses.”
Visionaries have long found a hostile reception from the status quo. Leonardo da Vinci, Galileo, MLK, Elon Musk. When disruptors toss aside tradition, rarely is the process smooth, even or rancor-less.
Bloomberg reported Mr. Muscat is extremely unpopular in Brussels – home to legions of apparatchiks clinging to the past. In America, lawmakers & some blockchain advocates are lambasting Malta as a bad idea run amok. The unspoken message: if you’re an American doing crypto business in Malta you’re unpatriotic & almost assuredly breaking the law.
I take a different view.
It’s a global landscape. Businesses have every prerogative & imperative to seek jurisdictional advantages. Look at Apple’s Irish tax bill. Is Apple un-American? Attacking law-abiding Americans for conducting business in Malta is weak. Period.
As for Mr. Muscat, he will face many challenges from the mountain of resistance by threatened politicians & bankers who see his ascent as a guarantee of their demise. Some day statues around the world will bear his name.