Bitcoin Island – Jersey Aims to Become World Leader in Digital Currencies

A campaign has been launched to make Jersey a world leader in digital currencies.

Bitcoin payments are already accepted in a handful of places but an industry expert says, if the States allow banks to accept and trade with it, Jersey could become a magnet for new business.

Robbie Andrews, of bit.coin.je, an industry body set up to promote and campaign for the currency, wants to create a “Bitcoin Isle”.

Treasury Minister Senator Philip Ozouf said he wanted Jersey to be an early leader in the field.

There have been issues around the digital currency, including a lack of regulation and concerns over potential for money laundering and other illegal activity.

According to WIKIPEDIA - Bitcoin is a payment system introduced as open-source software in 2009 by developer Satoshi Nakamoto. The payments in the system are recorded in a public ledger using its own unit of account, which is also called bitcoin. Payments work peer-to-peer without a central repository or single administrator, which has led the US Treasury to call bitcoin a decentralized virtual currency. Although its status as a currency is disputed, media reports often refer to bitcoin as a cryptocurrency or digital currency.

According to WIKIPEDIA – Bitcoin is a payment system introduced as open-source software in 2009 by developer Satoshi Nakamoto. The payments in the system are recorded in a public ledger using its own unit of account, which is also called bitcoin. Payments work peer-to-peer without a central repository or single administrator, which has led the US Treasury to call bitcoin a decentralized virtual currency. Although its status as a currency is disputed, media reports often refer to bitcoin as a cryptocurrency or digital currency.

 

In October 2013 the FBI shut down online marketplace Silk Road. The site traded in drugs and other illegal goods and took payments using “crypto-currencies” such as Bitcoin.

In December 2013, Fiona Le Poidevin, Chief Executive of Guernsey Finance, said the current lack of regulation was an area of concern.

She said the Bitcoin concept had become “increasingly familiar, but it is still in its infancy and this brings with it both challenges and opportunities”.

Senator Ozouf said: “[This] is a sector that could hold significant opportunities for Jersey.

“Our infrastructure of world-class financial services and digital expertise gives us the tools to be an early leader in the field. Innovation will be central to Jersey’s future prosperity.

“We are keen to support local businesses by helping to create a well-regulated and responsive environment for investment in the sector.”

 

READ MORE  AT SOURCE: Ryan Morrison BBC News – Jersey group in campaign to create ‘Bitcoin Isle’