Isle Of Man - shifting stance on Bitcoin FinTech

[RockHound]

Just in:

http://www.cryptocoinsnews.com/bitcoin-tumbles-banks-shut-down-bitcoin-in-isle-of-man/

Also some governmental statement in Bangladesh today; possibly affecting current price index?

[gjgjg]

probably some sell off from affected people, but pretty minimal impact i think.

boycott hsbc, rbs and bangladesh!

[RockHound]

Yeah, hopefully minimal impact short-term.

I know some good people who invested significantly to start-up BTC enterprises there - this is terrible news for them : (

CTS was very postive regarding the protocol as a financial instrument up until today:

http://www.coindesk.com/isle-man-welcomes-digital-currency-exchanges-license-required/

http://www.coindesk.com/new-conference-highlight-isle-mans-growing-bitcoin-economy/

[john641]

Fantastic news if the IoM will offer banking services (GBP accounts) to UK bitcoin companies too. That is the No.1 way they can help.

[BlockShame]

There's a reason why PokerStars HQ is in Isle of Man and it ain't for the weather. 

[niothor]

Fantastic news if the IoM will offer banking services (GBP accounts) to UK bitcoin companies too. That is the No.1 way they can help.

Have you read the article?

BITCOIN TUMBLES: BANKS SHUT DOWN BITCOIN IN ISLE OF MAN

What is so fantastic in the news that you are that happy?

[yunkie]

Isle of Man is a place where rich people avoid taxes, of course they are going to hate bitcoin.

[hennessyhemp]

This is the kind of news we need to free-fall right into a thermal up-draft. 

One bank says, "no, your better system confuses me"...then another says, "We're happy to take your millions, come right in, we even understand your new, improved system and want to adopt and integrate it!".

To the moon!

[bitcoinbear]

This suggests a passive allowance status, i.e. "it's not forbidden." More inviting would be an active allowance from a statute or court ruling. It's still good news, but we should make the distinction.

[pikabit]

I wonder how it would be living in one of these remote islands

[gentlemand]

It shouldn't be a surprise to anyone. The payment processor may have been IoM based but they were still dependent on UK banks who resolutely refuse to play ball.

I don't know if there's a truly independent bank on the Isle of Man but that's what'll be needed to truly get anywhere.

[grifferz]

I wonder how it would be living in one of these remote islands

What remote islands? Isle of Man isn't particularly remote (less than 3 hours by boat from England or Northern Ireland), and has a reasonably high population density or relatively wealthy people. Unless you meant one of the tiny mostly uninhabited islands in the group.

[Jeramom]

There's a reason why PokerStars HQ is in Isle of Man and it ain't for the weather. 

Sure as hell aint for the weather.... the saying on the island is "We have two types of weather; Cold/Wet & Cold/Wet/Windy"

[Ondago]

There's a reason why PokerStars HQ is in Isle of Man and it ain't for the weather. 

And there's a reason why Pokerstars currently doesn't accept users from the USA. Exchanges open to Americans will have to comply with American rules, that's for sure.