Bitcoin Forum

http://www.gov.im/news/2014/jun/10/isle-of-man-to-control-digital-currencies/
http://www.coindesk.com/isle-man-launches-digital-currency-startup-incubator/

They are trying to get a piece and host bitcoin companies on the island. What do you think?

Muck like for the project.

But I don't share the choice for the place, Isle of Man is a fiscal paradise, so, warning !

when looking at the utopian dream in another thread about someone wanting to bitcoin grab all bitcoins to make a bitcoin island. and then seeing this proposal.. i choose this proposal any day.

many millionaires moving their pound coins into the bitcoin ecosphere and all the shops and businesses on isle of man being bitcoin friendly (eventually).

i think its great  ;)

more will follow.

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...

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

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...

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

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

I hope this is just the start.

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! :D

With hash cloud on top... 8) 8)

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.

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.

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.

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.

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.

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.

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

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).

A coin bank.