No Manx bitcoin, says minister

Enterprise Minister Laurence Skelly says it's unlikely the Isle of Man Government will be the first to develop a cryptocurrency.

He was asked by Arbory, Castletown and Malew MHK Jason Moorhouse in the House of Keys yesterday what research his department has undertaken into the advantages and disadvantages of such a decision.

In response, Mr Skelly said the department hasn't done any formal research into issuing a virtual currency like Bitcoin.

He also said a number of other countries are actively considering the same idea, so it's unlikely the Isle of Man Government would be the first.