Isle of Man’s Crypto Valley Summit in Review

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The Isle of Man, a self-governing island located in the Irish Sea between Great Britain and Ireland, has set its sights on becoming the next hub for digital currency innovation. This ambition has been crystallized by the ‘Crypto Valley Summit’ it is currently hosting, a conference where top industry professionals discuss the direction of the bitcoin economy and outline ways to help it flourish.

The summit has been well organized, with a diversity of notable speakers that include Bobby Lee, David Johnston and Max Keiser. The topics being covered during the summit are equally as wide-ranging; digital crime, regulation and financing are all on the agenda. Attendance for the conference has also been very strong, with tickets for the events entirely sold out. This is perhaps because, thus far, the summit has already made several impactful statements about bitcoin’s place on the island.

Day one of the conference was dominated by discussions about the move made by Capital Treasury Services (CTS), a treasury service that up until now has linked bitcoin businesses to banks on the Isle, to cut ties with the digital currency sector next month. Apparently, CTS has lost the support of the financial sector, making it unable to maintain the links necessary to stay in business. The price of bitcoin has plummeted over 10% since this announcement.

To hopefully counteract some of the negative impact of the CTS statement, Eric Benz of the Digital Currency Association told CoinDesk that “no stone is being left unturned, and there is a great confidence that new banking solutions will be provided shortly”, ending the incident on a more positive note. It is important to bear in mind that the episode illustrates the continued power of the financial industry over Bitcoin’s fate, demonstrating the importance of developing and maintaining strong inter-industry connections.

The statement made by CTS has not been the only impactful part of the summit. Day two of the conference was dominated by positive discussions about issues like whether residents will be able to pay taxes in bitcoin. CoinDesk reports that the island’s government is even accepting “expressions of interest” from payment providers looking to install a network of bitcoin digital payment systems on the island.

The Isle of Man’s bitcoin summit, though beginning on an intimidating note, was overall a successful expression of all things bitcoin. From the launch of beautiful physical coins at the show to business showcases and high-level discussions about the bitcoin economy, the conference’s success was a demonstration of the community’s passion that is responsible for building the bitcoin economy from the ground up.

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