Report: How The Isle Of Man Became 'Bitcoin Island'
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....
Related News
Known as the Bitcoin Island, the Isle of Man is turning its attention to blockchain to boost its FinTech and digital payments sector as it continues its efforts at establishing digital businesses on the island. After the Isle of Man’s Gambling Supervision Commission (GSC) and Treasury approved changes to the island’s gambling regulation last year, allowing currencies such as bitcoin to be accepted as cash, the island is hoping the adoption of blockchain applications will give the island the push it needs to further establish itself. Brian Donegan, from the Isle of Man Government Department....
The Isle of Man is home to a growing number of businesses that accept Bitcoin. During the past decade, the island became an important outpost to online poker, and some of the world’s biggest companies have relocated to the island, including Rational Group, the owner of websites like PokerStars and Full Tilt Poker. Throughout the years, many outsiders settled on the Island. These people were young programmers and tech-savvy professionals from the U.S., Canada, and Brazil looking for jobs in the online gambling industry. These formed the core of entrepreneurs who would later introduce....
The Isle of Man wants to become a leading Bitcoin hub and attract digital fintech businesses, entrepreneurs and developers, Business Insider reports. The government of the tiny island is about to pass a new regulatory framework to create a true paradise for digital currencies. The Isle of Man is a self-governing British Crown dependency located in the Irish Sea between the islands of Great Britain and Ireland. While the United Kingdom is responsible for the island's defense and foreign policy, the local parliament and government have power over all domestic matters. Business regulations....
In March, Bitcoin Magazine reported that the Isle of Man wants to become a leading Bitcoin hub. The government of the tiny island is pushing forward a new regulatory framework to create a true paradise for digital currencies. Bitcoin Magazine spoke with Brian Donegan, Head of Operations for Digital Development and eBusiness at the Isle of Man Department of Economic Development. Donegan confirmed that the island, a self-governing British Crown dependency located in the Irish Sea between Great Britain and Ireland, is gearing up to become the ideal environment for digital financial technology....
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....