The Cointelegraph reporter Joseph Hall visited the country of Gibraltar to explore the adoption of Bitcoin in The Rock, how the peninsula is known locally, and how the adoption of Bitcoin for purchases in the territory is impacting business.
The visit was also an opportunity to visit Xapo Bank, the world’s first private financial institution to combine traditional banking with Bitcoin. Coinbase acquired its custody business in 2019, making the US exchange the largest cryptocurrency custodian in the world.
The British Overseas Territory of Gibraltar is known for its pioneering cryptocurrency regulations, support for the development of Blockchain technology and the adoption of bitcoin, with many retail businesses using the Lightning Network – a layer two network that allows off-the-shelf transactions. chain- to accept Bitcoin as payment throughout the peninsula.
“When you talk about the adoption of using Bitcoin, is it going to come? Yes, it is as more and more jurisdictions start to regulate. And what it is for me, ideally is when there are enough countries doing it.”
In April of this year, Gibraltar introduced a new regulation package for Distributed Ledger Technology (DLT) service providers, providing clarity to cryptocurrency companies regarding threats of market manipulation and insider trading.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.