Isle Of Man Moves Towards Bitcoin, and Out Steps the Man Behind the Curtain

Published May 5, 2016 by Lee R

Isle Of Man Moves Towards Bitcoin, and Out Steps the Man Behind the Curtain

The Isle of Man is showing early signs of a full scale virtual economy model.

Online gaming haven Isle of Man has endorsed the use of virtual currency. 

The New Deal

The Island has proposed allowing online gambling licensees such as Amaya's PokerStars to include Bitcoin and other cryptocurrencies as part of their menu of deposit options.

The recommendation was issued April 20 in a document released by the Isle of Man Gambling Supervision Commission (GSC) as part of a number of proposed secondary legislative changes approved by the GSC board and the Isle of Man Treasury. The Isle granted stakeholders a month for review, concluding May 20.

Usage Guidelines

The parameters for the use of cryptocurrency in the Isle of Man have been defined as via “a deposit of money” by credit or debit card or “by such other means as may be approved by the Commissioners.”

Breaking Through

This was not the first time the GSC considered the provision to accept deposits in convertible virtual currencies (CVCs). In 2014, the a similar referendum floated by the GSC was quashed by the Department of Economic Development. At the time, DED determined that cryptocurrencies such as Bitcoin were “more akin to property than currency.”

Not Just iGaming

Obviously, times have changed for a system that extends virtual currency units to depositors in exchange for real money that players can then use to place bets or potentially pay for anything that online vendors would accept virtual currency for within their payment systems.

Perfectly Timed

Any government's validation of Bitcoin is huge. The legislation could not have come at a better time, just as the originator of Bitcoin and blockchain technology outed himself as Craig Wright.

The Legend of Satoshi 

The Australian launched Bitcoin in 2009 under the pseudonym Satoshi Nakamoto, a name that almost instantly transformed him into an internet folk hero. The face of Satoshi was revealed this week on the BBC in an exclusive one-time interview in which he provided cryptographic keys linked to the same blocks of Bitcoin in the first-ever Bitcoin transaction in 2009.

Bitcoin Nirvana?

Meanwhile, the Isle of Man continues to establish itself as Bitcoin Island, with a well-known eye towards offering the opportunity to all companies beyond just gambling operators to accept Bitcoins within their friendly environs. In the i-Land and where all manner of virtual transaction may someday soon take place, Satoshi lives on. 

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