Isle of Man and Bitcoin? | Bitcointalksearch.org

Eastwind

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Quote from: cccarnation on September 28, 2014, 02:49:52 PM

We need a crypto credit union so merchants and the likes are not forced to deal with banks directly. This entity could be devoted to finding and maintaining partners with banking entities to do nothing but convert from crypto to fiat and back.

A coin bank.

collinstar

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Quote from: cccarnation on September 28, 2014, 02:49:52 PM

We need a crypto credit union so merchants and the likes are not forced to deal with banks directly. This entity could be devoted to finding and maintaining partners with banking entities to do nothing but convert from crypto to fiat and back.

Well, even credit unions interface with fiat somewhere, whether that's a payment processor or Visa/Mastercard themselves. Those entities have just as much incentive to shut Bitcoin out, and will surely do so. The answer is to move more and more to a full Bitcoin economy. Get paid in BTC, spend it in BTC. I'm already 50-60% there (many of my dev contracts are paid in BTC, and I pay for many of my household expenses in BTC).

cccarnation

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One Token to Move Anything Anywhere

We need a crypto credit union so merchants and the likes are not forced to deal with banks directly. This entity could be devoted to finding and maintaining partners with banking entities to do nothing but convert from crypto to fiat and back.

NotAtOld

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It's basically creating a place that exchanges can exist, legally.
This is a good thing.

logger

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Isle of Man is also home to PokerStars. With regulation around online gaming with respect to banking, I would not be surprised to see the make a move in this sector. I'm not specifically talking about offering Poker to USA either, just in general.

Robin_Good

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Quote from: bambino on September 28, 2014, 11:55:58 AM

How are they trying to control digital currencies? Poor choice of words.
They are creating legal frameworks for digital currency businesses.

Yeah, this is a pretty poor choice of headlines. The officials involved understand they can't actually control the digital currencies themselves. I've been tangentially involved in the growing Bitcoin scene on the island, and in my opinion the government has been (at least paying lip service toward) doing a shockingly good job at walking the line between being as hands off as possible to make sure innovation flourishes while trying to set up a framework to make sure banks are willing to work with Bitcoin companies and customers are protected.

bambino

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How are they trying to control digital currencies? Poor choice of words.
They are creating legal frameworks for digital currency businesses.

GTA

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Quote from: john641 on September 17, 2014, 06:47:57 AM

The Isle of Man is a well known offshore banking sector and it is my belief that this announcement basically states that IOM intends to be a leading hub for Bitcoin. So, good news...

The Isle of Man is a well known tax haven. I suspect this statement is to make it appear they are conforming to anti-money laundering regimes, while in practice they will be much more casual about it.

gonnafly

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Quote from: BratinSbazhin on September 22, 2014, 02:06:01 AM

Does "Other Digital Currencies" include Cryptonote coins?

I know of at least one startup in the island that's working with a bunch of different cryptocurrencies.

BratinSbazhin

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Does "Other Digital Currencies" include Cryptonote coins?

Jeramom

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Damn, I wish I could come up with a Bitcoin business to take them up on the offer. I was in the Isle of man this weekend and it's a nice place.

grifferz

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Quote from: HarmonLi on September 17, 2014, 08:22:57 AM

I don't get why they did this... I mean this screams 'failure'... :/ This is horrible news, where have we come to if even such a Pro-Bitcoin country decides to drop the support for it? At least the price didn't tank that hard...

I would speculate that UK banks told them to stop allowing Faster Payments from UK customers to their Bitcoin clients unless they want to lose FP entirely.

bornil267645

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AltoCenter.com

With hash cloud on top... Cool

nobbynobbynoob

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Annuit cœptis humanae libertas

Quote from: bitcoinbear on September 18, 2014, 08:13:55 AM

Wow, they are serious. I do hope this gets traction. The UK banks are hostile to bitcoin. This could be good.

And it seems so are many of the Manx banks (probably mainly IoM branches of UK banks but still).

But the cryptosphere simply has to weather hostility from the banking sector - what else did we realistically mostly expect? Cryptocurrency and blockchain technology is their kryptonite so they aren't likely to be welcoming it with open arms, much as I think it is still profitable for well-managed banks to profit with crypto just like they always have with gold. Although I won't forget the "seen a ghost" reaction when I casually wandered into a Commonwealth Bank branch in North Melbourne (Victoria, Australia) asking if I could exchange my wad of $100 bills for gold bullion! Cheesy

Eastwind

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I hope this is just the start.

bitcoinbear

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Wow, they are serious. I do hope this gets traction. The UK banks are hostile to bitcoin. This could be good.

AriceInWonderland

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It was even in the local newspaper these days https://i.imgur.com/oguxWY5.jpg

HarmonLi

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Honest 80s business!

Quote from: TsuyokuNaritai on September 17, 2014, 08:10:21 AM

http://www.reddit.com/r/Bitcoin/comments/2gl71a/isle_of_man_withdraws_financial_services_support/ Angry

I don't get why they did this... I mean this screams 'failure'... :/ This is horrible news, where have we come to if even such a Pro-Bitcoin country decides to drop the support for it? At least the price didn't tank that hard...

TsuyokuNaritai

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http://www.reddit.com/r/Bitcoin/comments/2gl71a/isle_of_man_withdraws_financial_services_support/ Angry

john641

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The Isle of Man is a well known offshore banking sector and it is my belief that this announcement basically states that IOM intends to be a leading hub for Bitcoin. So, good news...

Topic: Isle of Man and Bitcoin? (Read 2022 times)