27 Apr '15, 1am

How the Isle of Man aims to become the bitcoin capital of the world

How the Isle of Man aims to become the bitcoin capital of the world

While bitcoin is attractive because of its inherent decentralised nature, it has struggled to be perceived as a legitimate currency, given the lack of accountability and total absence of someone or something to blame when the bit hits the fan. There have been problems. Say bitcoin to some people and they will immediately think of huge price shifts and global shutdowns, not to mention the Silk Road. Others see it as the digital solution to an unequal and outdated global financial system. So, does the Isle of Man’s recent public announcement that it is open for business as a new global crypto currency hub help to allay the fears of conservative financiers? Probably not in the short term. Becoming an online gambling hub a decade ago was hugely lucrative for the island and now accounts for 13 per cent of its GDP. Clearly, it has learned from the experience. Despite any nefario...

Full article: http://www.irishtimes.com/business/how-the-isle-of-man-ai...

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