British Isle's Plan to Mint Physical Bitcoins Loses Key Support
The British Island of Alderney made headlines in the bitcoin world last November when it revealed detailed plans to use bitcoin as part of its financial infrastructure, stating that it would seek to mint physical bitcoins and launch financial service centres devoted to digital currency. However, those plans are facing new setbacks according to a 25th April report from The Financial Times, which indicates that the UK's Royal Mint, a state-backed body that mints coins in the country, has discontinued discussions related to the project. Alderney's finance committee chair Robert McDowall told....
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A tiny island in the English Channel, Alderney, wants to mint physical bitcoins as part of a larger campaign to become one of the world's first financial services centers devoted to digital currency. The Financial Times reported that Alderney, just three miles long with a population of 1,900, wants to become known as an international center for bitcoin transactions. Intended to be fully compliant with anti money-laundering and other financial regulations, it would offer merchant payment services, exchanges, and a bitcoin storage vault of some kind. The physical bitcoins, like other such....
The government of the Isle of Man has announced its latest blockchain proof-of-concept. Profiled today in Financial News, the project is a collaboration with blockchain startup Credits that finds the two partners exploring whether the technology can be used to help keep Internet of Things (IoT) devices from being compromised. Credits co-founder Nick Williamson told the new source that the idea behind the project is to assign unique identities to physical items, thereby creating a way of affirming their authenticity. Williamson told the publication: "The idea behind [the experiment] is....
The second country that we will take a closer look at is the Isle of Man. The Isle of Man is nestled between Ireland, England,Wales and Scotland. It has been a haven for online gambling companies for a couple of years now. However The Isle of Man is looking toward the future like an open minded country should. There has been quite a storm about the Isle of Man’s decision to become a “pro digital currency”. Some have condemned this choice, while others applaud the innovative aspect and calling this step a “historical” one for digital currencies and Bitcoin in particular. To celebrate and....
The Isle of Man could become the Switzerland for Bitcoin as the small island’s government has been quick to react to the growth of digital currencies. Over the past twenty years the proliferation of the internet has brought about a golden age of gambling. Regulating this rapid growth has been a massive challenge for legislators globally and with the growth of crypto-currencies this task has become a lot harder. So, why are some countries doubling-down while others are leaving the table? History of bending rules. Few people outside of the British Isles will know much about the Isle of Man.....