[WATCH] Malta’s ‘praiseworthy’ blockchain regulation will eventually become obsolete, John McAfee warns

John McAfee, the man behind the world’s first anti-virus software, insists that in the not so distant future cryptocurrencies and blockchain will force us to rethink the way our societies are regulated

John McAfee (Photo: James Bianchi/MediaToday)
John McAfee (Photo: James Bianchi/MediaToday)
John McAfee speaks to MaltaToday on the fringes of the Blockchain summit

John McAfee, a vociferous advocate of blockchain technology, and the man behind the world’s first anti-virus software, has thanked Malta for it’s “forward thinking approach” to blockchain, but warned recently introduced regulations would soon be obsolete.

Speaking to MaltaToday on the sidelines of the Malta Blockchain Summit, McAfee said his belief in cryptocurrency was rooted in the fact that he was a “big advocate of personal freedom”.

According to the computer programmer and businessman, cryptocurrencies, for the first time, have given people the ability to carry out transactions freely, and without the oversight of a government or other entity.

Asked whether as a libertarian with a well-documented distrust of governments and established power structures, was comfortable with the Maltese government being a major player in the country's blockchain revolution, McAfee “apologised” for the “contradiction in thought”.

“It’s just the truth. Thank you Malta, for recognising the power and inevitability of cryptocurrency and the blockchain. You are very forward-thinking,” he told MaltaToday.

He said that while regulation would help the technology establish itself further, Malta needed to prepare for a time when all its laws, regulations and goodwill will be ignored.

With people having the ability to exchange goods and services between themselves, he said, it will become increasingly difficult to enforce regulations.

McAfee is one of the key note speakers at the two-day summit that ends on Friday, which has attracted over 5,00 delegates, hundreds of investors and over 100 speakers.

A large number of digital technologies start-ups are present at the summit, pitching their products, ranging from tokens to blockchain solutions for sectors like real estate or healthcare.

This is what some of the startup companies had to say