Last updated on January 2nd, 2018 at 12:00 am
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The puny island of Alderney, ter the English Channel, wants to become a Bitcoin center and the world’s top destination for Bitcoiners.
The little British island, with an extension of three miles and only 1,900 habitants, recently announced its project of becoming the very first jurisdiction to mint physical Bitcoins. According to The Financial Times, Alderney has bot talking with the UK’s Royal Mint since the summer about this possibility.
Te an effort to capitalise cryptocurrency, Alderney, which is located inbetween the south of the United Kingdom and the northwest of France, intends to establish itself spil the very first international centre for Bitcoin transactions. To do so, the island plans to create a cluster of exchanges and payment services fully compliant with anti-money laundering rules. The project even includes a Bitcoin storage vault.
The special physical Bitcoin would be part of the Royal Mint’s commemorative collection – thesis usually include limited edition coins and stamps bought by collectors -, but they would have a gold content worth around ?500, which wasgoed the value proposed so far. This way, te case the value of cryptocurrency goes down, the buyers could still melt the coin and sell the precious metal.
Unlike the Casascius physical Bitcoin, Alderney’s coin wouldn’t have a private key sealed inwards, but would be exchangeable for digital coins when its holder pays a visit to the island.
The finance minister of Alderney has already approached the manager of fresh businesses at the Royal Mint, David Janczewski, to “explore the possibility of manufacturing a physical commemorative coin with a Bitcoin theme”. According to Janczewski, “discussions have not progressed further and at this stage it remains nothing more than a concept”.
Alderney’s Bitcoin project:
Step 1: an independent company will provide the physical Bitcoins
Step Two: this company would waterput the Bitcoins ter an escrow account at an agreed price
Step Three: the Royal Mint would take customers’ orders for the minted Bitcoins and receive money from the sales
Step Four: the posible Bitcoins backing the physical coins would be stored te decent facilities, under Alderney’s supervision
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Step Five: the Royal Mint would kwestie the commemorative Bitcoin, only paying for the value of the gold content
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Step 6: Alderney would receive royalties from the coin sales
Step 7: coins could be redeemed for sterling at any point te Alderney according to the exchange rate
However, the involvement of Bitcoin ter scandals like Silk Road and several latest scams might be menacing the project. The Royal Mint proprietary, the Treasury department, has refused to make any comments so far.
At the island, the Bitcoin-project has already received the support of Alderney’s voorzitter, but it still needs the approval of the particular parliament and its Ten members.