Alderney Gambles on Online Currency

Published Saturday, November 30, 2013 -
Alderney Gambles on Online Currency

Yes everyone is waking up to the fact that Bitcoin is on a roll. Too late to really get in on the ground floor unless of course you are running an online gambling site that accepts the Bitcoin as money. This is also why the English Channel island of Alderney wants to mint actual physical Bitcoins a strategic plan to become one of the world’s first financial services centers focusing on the digital currency.

Alderney already has an online gambling industry regulatory body and with the addition of the new crypto currency it will be making a good business move. It has been suggested that the Bitcoin phenomenon is not expected to pass any time soon as each day it gains traction in an otherwise looked in financial world. Alderney is hoping it will cash in on the popularity of an actual physical coin which may even be made in a joint venture with the U.K’s Royal Mint and contain a significant amount of real gold. The promotional tokens will be uncirculated for collection purposes making them valued even if Bitcoin virtual money takes a dive. The internet is providing enormous opportunity in the financial world with the creation of a whole new industry.

Alderney is in the jurisdiction of the Bailiwick of Guernsey and has been searching for other opportunities to provide financial independence. The island has long produced stamps and minted its own coins, called the Alderney pound, pegged 1:1 to UK pound sterling.

Bitcoin is not the only digital forms of money out in cyberspace. Other currencies are also gaining traction on the internet. The future of the Bitcoin is unpredictable but it has gained respectability. Bitcoin and digital currencies, despite occasional murmurings and investigations by authorities, still have no legal recognition as currencies in any major jurisdiction.

No legislation has been proposed specifically for digital currencies, though exchanges and payment processors generally fall under the same know-your-customer and anti-money laundering rules as other ‘money transmitters’ do.

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