Digital currencies have been around since the 1990’s and it is now becoming apparent that these are not temporary as some people first predicted. Indeed, on the 26th February 2015 the Bank of England commented on their belief that digital currency will revolutionize payment systems for banks. In particular the bank cited the ledger technology that digital currencies relay on as having considerable promise and indicated that central banks should consider making use of such technology.
A number of digital currency companies have already located to the Isle of Man. The Islands success in attracting these firms is being attributed to its sophisticated e-connection and data storage facilities as well as its sizeable number of well-qualified and experienced IT professionals. The Isle of Man is also boasting of various incentives to continue to attract these firms including support to these organisations in obtaining access to financial institutions.
The Island already has a reputation as a leading jurisdiction as an online gaming hub and now in an effort to also become a leading Bitcoin hub it is engaging in passing new regulatory framework in order to further attract these types of businesses. The legislation is thought to create a bitcoin friendly environment whilst incorporating tight regulatory controls that will serve to increase confidence in the industry and ensure that companies registered in the Isle of Man are a preferred choice for consumers.
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