Isle of Man Focusing on Blockchain for the Nations FinTech

Isle of Man Focusing on Blockchain for the Nations FinTech

Isle of Man is also known as bitcoin island. They are lately turning their whole attention towards blockchain in order to boost FinTech and their digi

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Isle of Man is also known as bitcoin island. They are lately turning their whole attention towards blockchain in order to boost FinTech and their digital payment system. They are working hard to establish digital business in their territory.

Last year, the Gambling Supervision Commission (GSC) of Isle of Man approved some changes in gambling regulations. After that, it is allowed to accept bitcoin as cash. So now, Island people are hoping to bring blockchain app and adapt well with it. It has been estimated that this change in regulation will push the further establishments of island.

Isle of Man’s department of Economic Development (DED), Mr Brian Donegan talked to Silicon and shared his thoughts. He said that there are still a ton load of works need to be accomplished but the benefit of Blockchain can still be realized.

Isle of Man are willing to continue Blockchain as an experimental technology for them. Most of the people of Isle of Man are supporting blockchain. They are also admitting that it is a great piece of technology. Yet they believe that there are still a lot to come from this blockchain experiment.

He also added that trust factor would work as an important factor in the blockchain development. He then said, people sometimes can’t embrace technology just because of lack of trustworthiness.

He believes that it will be possible to achieve a product evolvement of blockchain, once the security and trust is achieved.

Accepting Blockchain

As the benefits and advantages of blockchain are widely known, the acceptance of blockchain has widely increased. Blockchain has become the most trustworthy option in everywhere. From real estate to healthcare, banking to music industry, everywhere is obsessed with blockchain throughout the world.

UK also Accepting Blockchain

UK has become the leader of Fintech by accepting blockchain. Many companies are now setting up their industrial envolvement in London.

It has been revealed by the UK’s Financial Conduct Authority (FCA) that only the first 24 companies will be taking part in the sandboc of FinTech.

UK estimated that they are going to have more establishments in business just by doing these. They just have to have clear conscience of of the regulations they are going to be abided by.

Mr Donegan added that the widen understanding of UK over technology will bring the leading position in the technological arena to UK. As UK keep themselves up to date with the development of latest technologies, it makes them very attractive to the other countries.

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