Island's Bitcoin industry answers banks blocking success

Thursday, 18 September 2014 10:00

From left: DED's Peter Greenhill; director of e-Business development, financial war reporter for RT; Max Keiser, American digital currencies entrepreneur; Brock Pierce and Paul Davis; MD of Counting House

Banks have attempted to block the adoption of a bitcoin economy on the Isle of Man – but Crypto Valley Summit delegates have found a solution.

As the two-day event kicked off yesterday – attendees were trying to process industry news that banks have severed ties with our newest emerging sector.

Organisations have closed accounts connected to Capital Treasury Services - which links digital currency business to banks on the Island.

Paul Davis is a speaker at the event and the managing director of Counting House, he told us there’ll be a new bitcoin bank to remedy it:

More from Isle of Man News

Harry Enfield announces Island gig

Legendary comedian Harry Enfield has announced he'll be performing on the Isle of Man.
Island to get branch of Palestine Solidarity Campaign

A new Island organisation will highlight the plight of Palestinians, if its London-based parent approves.
New government whistleblowing policy still up for discussion

Chief Minister Alf Cannan says a new government whistleblowing policy is still up for discussion.
Top TV magician to visit Island next week

The BBC's most-broadcast magician of the last decade will be visiting the Island next week.
New mapping shows risk from radioactive gas around Island

The Isle of Man's been included in UK maps showing the risk from a radioactive gas.
Manx Care sees sharp rise in complaints

Manx Care says complaints from the public rose sharply last year, after falling for three years in a row.
Ben-my-Chree trialling Northern Ireland route

The Steam Packet Company says the Ben-my-Chree will be in Northern Ireland this week for a trial sailing.
Parts of Braddan to be without water tonight

Manx Utilities says some parts of Braddan will be without water tonight.