{"id":313,"date":"2013-12-01T18:20:00","date_gmt":"2013-12-01T18:20:00","guid":{"rendered":"http:\/\/blog.holytransaction.com\/british-island-wants-to-make-physica\/"},"modified":"2013-12-01T18:20:00","modified_gmt":"2013-12-01T18:20:00","slug":"british-island-wants-to-make-physical","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2013\/12\/british-island-wants-to-make-physical.html","title":{"rendered":"British Island wants to make physical Bitcoins with UK Royal Mint deal"},"content":{"rendered":"

(CoinDesk<\/a>) A tiny island in the English Channel, Alderney<\/a>, wants to mint physical bitcoins as part of a larger campaign<\/a> to become one of the world\u2019s first financial services centers devoted to digital currency.
\nThe Financial Times<\/i> reported<\/a>
\n that Alderney, just three miles long with a population of 1,900, wants
\nto become known as an international center for bitcoin transactions.
\nIntended to be fully compliant with anti money-laundering and other
\nfinancial regulations, it would offer merchant payment services,
\nexchanges, and a bitcoin storage vault of some kind.
\nThe physical
\nbitcoins, like other such tokens, would be collectors\u2019 items rather than
\n circulated, and would likely have a gold content (apparently around
\n\u00a3500 worth) to further their appeal and allow them to retain value
\nshould bitcoin\u2019s price crash.<\/p>\n

\n<\/a><\/div>\n

 They would also serve as promotional
\ntokens for the more \u2018serious\u2019 bitcoin payment and exchange services.
\nAlderney\u2019s
\n coins would hopefully be minted in a collaboration with the UK\u2019s Royal
\nMint as part of a commemorative collection. Rather than having a private
\n key sealed inside, like the popular Casascius physical bitcoins<\/a>
\n and their contemporaries, the Alderney bitcoins would be exchangeable
\nfor the more useful digital kind by its holder paying a visit to the
\nisland. They would not be official legal tender otherwise.
\nProduction
\n would be overseen by an independent company, who would also take the
\nhit if bitcoin\u2019s value vanished. The same company would also hold the
\ncoins\u2019 keys in an escrow service. If the deal goes ahead, The Royal Mint
\n would handle orders and take some of the money from sales.
\nWith current bitcoin values hovering around $1,100 on CoinDesk\u2019s BPI<\/a>
\n (over $1,200 on Mt. Gox) and seeming to jump higher with each passing
\nday, more daring segments of the financial world are sensing an
\nopportunity to create a whole new industry. The high values, including
\nnot only bitcoin\u2019s but those of other digital currencies<\/a>
\n as well, are wrenching the concept out of the hands of tech-savvy
\nentrepreneurs and delivering it to people more accustomed to
\nbillion-dollar movements.
\nBitcoin and digital currencies, despite
\noccasional murmurings and investigations by authorities, still have no
\nlegal recognition as currencies in any major jurisdiction. No
\nlegislation has been tabled specifically for digital currencies, though
\nexchanges and payment processors generally fall under the same
\nknow-your-customer (KYC) and anti-money laundering (AML) regulations<\/a> as other \u2018money transmitters\u2019.
\nThe
\n Channel Islands, just off the coast of France, are \u2018Crown Dependencies\u2019
\n and not officially part of the UK. This special legal status has
\ntraditionally made them a hub for offshore financial services, with most
\n of the activity happening on larger Guernsey and Jersey.
\nAlderney falls under the jurisdiction of the Bailiwick of Guernsey<\/a>
\n but has been looking for ways to gain more financial independence from
\nits neighbors. The island has long produced stamps and minted its own
\ncoins, called the Alderney pound, pegged 1:1 to UK pound sterling. The
\ncoins are produced in denominations of \u00a31, \u00a32 and \u00a35 in ordinary
\ncupro-nickel as well as gold and silver versions, and are also aimed
\nprimarily at collectors.<\/p>\n

Open your free digital wallet here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n","protected":false},"excerpt":{"rendered":"

(CoinDesk) A tiny island in the English Channel, Alderney, wants to mint physical bitcoins as part of a larger campaign to become one of the world\u2019s first financial services centers devoted to digital currency. The Financial Times reported that Alderney, just three miles long with a population of 1,900, wants to become known as an […]<\/p>\n","protected":false},"author":1,"featured_media":931,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37,76,468,542,678],"tags":[764,1126,1201,1331],"yoast_head":"\nBritish Island wants to make physical Bitcoins with UK Royal Mint deal -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/holytransaction.com\/blog\/2013\/12\/british-island-wants-to-make-physical.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"British Island wants to make physical Bitcoins with UK Royal Mint deal\" \/>\n<meta property=\"og:description\" content=\"(CoinDesk) A tiny island in the English Channel, Alderney, wants to mint physical bitcoins as part of a larger campaign to become one of the world\u2019s first financial services centers devoted to digital currency. 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