Isle of Man to be capital for Bitcoins?
Could the Isle of Man (IOM) become the new capital for Bitcoins? According to reports the Gambling Supervision Commission are looking at ways to relax the laws there as to allow for Bitcoins and possibly other forms of digital currencies to be used on its licensing online sites.
The Gambling Supervision Commission has called for a limited consultation period of one month, finishing on the 20th May 2016 with an intention of revisiting the existing gambling regulations and updating it to meet today’s standards.
According to the new review the Commission want to make digital currency to be accepted just like cash among other recommendations it has issued.
With the move on accepting Bitcoins and digital currencies the Commission is attracting huge interest not just locally from its online licensed operators on the IOM but Internationally also.
As the consultation period ends and if expected the Commission pushes forward with its plans then more and more operators could look at licensing on the IOM to be allowed to offer Bitcoins as an acceptable currency on its sites.
No time line as of yet is known for it to be legal as part of an IOM license but most observers believe end of 2016 is a realistic time.
