Isle of Man Aims To Encourage Bitcoin Development

Posted by Gerry Poltorak on Oct 19, 2015 Posted in Poker News | No Comments »

Bitcoin-Isle-of-ManThe Isle of Man has recently been making waves in the business world by pushing for the development of a legal structure for the digital currency, bitcoin.

Isle of Man, as a self-governing British Crown dependency with low-tax threshold, is often seen as the ideal location for numerous iGaming industries, particularly when it comes to bitcoin.  The isle has a considerably well-established status in the digital business community, and the state’s government firmly believes that encouraging more people to use the virtual cryptocurrency will successfully drive it towards a mainstream status and being an established currency.

Business spokespersons from the Isle of Man have recently stated that they’d like to encourage the use of bitcoin, allowing the currency to reach its full potential.  It was June 2014 when the announcement came that the island would welcome Bitcoin and other cryptocurrency-powered businesses – many commentators have since suggested that this statement of intent may just be the extra encouragement the Bitcoin gambling industry needs to speed up its growth within the UK.

The Isle of Man currently has a Department of Economic Development which aims to help new businesses by providing them with practical support and services, including their introduction to a network of local service providers and advisors to allow for the growth and success of the business.

The approach to the cryptocurrency currently being taken by the Isle of Man can greatly affect the sector of bitcoin gambling, which is starting to gain traction in the island and elsewhere.



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