Gibraltar's Minister of Digital and Financial Services said he has Bitcoin but does not intend to use it for daily needs. He stated that he is hoarding cryptocurrencies for his children because he believes that Bitcoin adoption will increase significantly in the future.
British Overseas Territory Gibraltar Minister of Digital and Financial Services, Albert Isola, recently gave an interview to Cointelegraph in which he said he was saving up Bitcoin for his children because he believes cryptocurrency adoption will increase in the future. That is why, at the moment, he does not use it. Isola is confident that actual adoption will grow as more and more jurisdictions regulate it.
“I’m not at the stage yet where it’s something that I’d use on a regular basis, it’s more about buying some for the benefit of my kids in the years to come. I don't touch it."
Gibraltar has been regulating cryptocurrencies since 2018. It adopted a series of regulations regarding blockchain business, after which the country began to work on the rules for initial coin offerings (ICO) and distributed ledger technology (DLT). At the time, Gibraltar was the first sovereign nation ever to regulate an ICO.
In August 2018, the country announced that it would pay its football team in cryptocurrency the following season, making them the first football team in the world to ever be paid in cryptocurrency.
At the end of 2021, Gibraltar decided to introduce blockchain technology into government processes. The government announced the deployment of a blockchain-based pilot program to provide public services.
The country's most recent move has been for the Gibraltar government to publish new rules restricting prices, liquidity, or the manipulation of market information. Gibraltar also became the first government to launch a regulatory framework for market integrity. The government strictly ensures that the established rules are followed, and also applies a partnership-oriented approach in the crypto sphere.
“If they [DLT companies] are not prepared to meet the standards of regulation and quality that we aspire to, they will not be licensed.”
© 2022, Eva Fox | Tesmanian. All rights reserved.
We appreciate your readership! Please share your thoughts in the comment section below.
Article edited by @SmokeyShorts, you can follow him on Twitter
About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.