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Your Bitcoins Are Safe Here: Jersey Wants to be Pioneer in Cryptocurrency
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Your Bitcoins Are Safe Here: Jersey Wants to be Pioneer in Cryptocurrency

Digital currencies are slowly but surely becoming one of our payment options. Patrons can now buy coffee with Bitco...

Your Bitcoins Are Safe Here: Jersey Wants to be Pioneer in Cryptocurrency

Digital currencies are slowly but surely becoming one of our payment options. Patrons can now buy coffee with Bitcoins in a Vancouver cafe, and the currency can be bought and sold on a Bitcoin ATM in a Las Vegas casino hotel. Cryptocurrency is so “in,” that some people want to create a “Bitcoin Isle.”

 

Jersey-based business leaders have formed bit.coin.je with the idea of making the self-governing Jersey a world leader in digital currencies, or the “Bitcoin Isle.” These proactive businesspeople want to make Bitcoin a substitute for local cash, opening Jersey to new businesses in the long term and making it a leader in the crypto industry.

 

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Jersey's Treasury Minister, Senator Philip Ozouf has said, “This [Bitcoin] 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.”

 

While some institutions accept Bitcoin as a secure payment method, others don't. The Chinese government, for example, has claimed that the Bitcoin is not a currency and has restricted its use in financial institutions.

 

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Although cryptocurrency faces major obstacles, including a lack of regulation, illegal activities, and/or security issues, Bitcoin has the potential to transform our lives, just as email has. Wouldn’t it be handy if we could eliminate the need for credit cards when paying for coffee or lunch? Widespread adoption of the currency would also create a brand new industry--Bitcoin banking-- with the English Channel Island in the middle of it.  

 

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