So after missing one of our fortnightly meetups (due to holidays) we managed to get together yesterday to discuss what’s been happening recently in the Bitcoin space.
It was an interesting meetup as Ian Jauncy, representing Digital Jersey, took the floor to discuss a report he will be putting together to look at the opportunities that Cryptocurrencies could offer Jersey. It became clear during the conversations that the one thing that Jersey needs to sort out is the ‘bitcoin-business-friendly bank’.
As those of you who follow what’s happening in the Bitcoin world, the ‘bank’ issue is by far the biggest problem, and more importantly the first jurisdiction to solve this problem would have the world beating down it’s door. One message we’ve had from the banks is that although they’d be interested, until the government can provide guidance (and a positive approach) they will have to opt for the current stance of ‘wait-and-see’.
Jersey has a unique opportunity, starting with a consistant push from Digital Jersey, to produce a positive message to the world that they would welcome a progressive bank that would want to work with crypto-based businesses. Sadly, it seems that not all grasp just how short the time frame is for this message to be given. The UK are already starting to push towards London’s Fintech startup scene becoming more and more crypto-centric. I would estimate that we have a maximum of 6 months before a jurisdiction gets a bank on-board and all of business heads there. You only need to look at the amount of interest that the Isle of Man is generating.
The other big bit of news was that our Lamassu has arrived!
Currently we are continuing internal testing as well as adding a few functions to the software (to help with the concerns that have been raised by the JFSC), but we did decide to do a quick demo for those present. And of course, a live tech demo ended up with a ‘no connection found’ message! It seemed that powercycling the server sorted this out but we’d run out of time so the demo will have to wait until next meetup (we should have our stand made by then).
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