BITCOIN BLUES…

On the first of August, Jersey will become arguably the global leader in Bitcoin trading when the the Global Advisors Bitcoin Investment Fund is launched. Bitcoin is a crypto-currency traded on the internet which emerged in 2009 and could be the future of money.  Bitcoins are currently trading around $US616(£360) but reached $1000 last year. Alderney was in talks with the Royal Mint about producing commemorative gold-backed  Bitcoins but the Royal Mint decided not to proceed. Guernsey has voiced concerns of ‘reputational damage’ but will consider digital currencies in forthcoming legislation on payment service providers. Proper regulation is needed to mitigate the risk of money laundering and fraud caused by the anonymity of transactions. The bigger danger for Guernsey though is being left behind.  With the right safeguards, this is just the sort of high value, low footprint business the island needs. The Isle of Man has already announced an incubator scheme for digital start-up companies, Alderney Finance Committee Chairman Robert Mc Dowell plans to talk to Jersey or the Isle of Man about minting Bitcoins and now Jersey’s new fund is about to go live after just 9 months from conception to launch…

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