Isle of Man Residents Could Soon Settle Tax Bills in Bitcoin
Isle of Man residents and businesses could soon have the option to pay their taxes in bitcoin, according to a government representative who indicated the option is under serious consideration. "Everything from paying your car tax to your income tax bill, we're seeking to operate a wider range of choices for citizens and businesses for how they can settle their account with the government," said Chris Corlett, chief executive of the government's department of economic development. The island's government is currently inviting expressions of interest from payment services providers,....
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The big news from Crypto Valley Summit's closing day was that the Isle of Man is currently considering whether to allow residents the ability to pay their government bills, including income and other taxes, with bitcoin. The announcement was made during the event's closing speech by Chris Corlett, chief executive of the government's Department of Economic Development, which is in charge of setting policy on economic and jobs growth on the island. Corlett said: "We are considering what services we can deploy to allow these emerging payment types as part of our portfolio. We are seeking....
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 really is aiming to be bitcoin central. If the initiative to bring as many bitcoin businesses to the island wasn't enough, how does paying your taxes with the digital currency sound? Perhaps far-fetched, but if a new report from CoinDesk is to be believed, we might not be far off from this happening. "Everything from paying your car tax to your income tax bill, we're seeking to operate a wider range of choices for citizens and businesses for how they can settle their account with the government," Mr. Chris Corlett, chief executive of the department of economic development....
The Isle of Man government has welcomed GreenCoinX, an identifiable cryptocurrency which is 80 percent owned by Toronto, Canada-based GreenBank Capital Inc. "We welcome the decision by GreenCoinX to establish its operations in the Isle of Man which reinforces our position as leading the way in the digital currency sector," said Isle of Man Chief Minister Allan Bell MHK. GreenCoinX has opened its European marketing and international treasury office in Douglas, Isle of Man, and has engaged the services of Alan Molloy as CEO of its Isle of Man operations. Molloy previously served as managing....
Bitcoin has become well established as a currency for daily transactions on the Isle of Man, a U.K. dependency in the Irish Sea that aspires to be a global cryptocurrency leader, according to The Independent, the U.K. newspaper. The Isle of Man, known to some as “Bitcoin Island,” boasts a progressive government, outstanding technological expertise, and an exceptional Internet infrastructure. Close to 25 startups on the island are using cryptocurrencies. In Douglas, the capital city with 27,000 residents, businesses accepting bitcoin include a coffee shop, a chauffeur service and a pub. For....