Cointelegraph reporter Joe Hall visited Gibraltar to explore Bitcoin (BTC)’s reliance on “The Rock”, how the peninsula is known locally, and how the region’s use of Bitcoin for shopping is affecting businesses.

The visit also provided an opportunity to visit Xapo Bank, the world’s first private financial institution to bring traditional banking and bitcoin together. Coinbase acquired its custody business in 2019, making the US exchange the largest cryptocurrency in the world.

The British overseas territory of Gibraltar is known for its leading crypto regulations, support for blockchain development and the use of bitcoin, with many merchants using the Lightning Network – a layer-two network that allows offline transactions – to accept bitcoin as a payment method across world. . Peninsula.

Albert Isola, the island’s minister for digital and financial services, told Cointelegraph:

“When you talk about accepting bitcoin, will it happen? Yes, more and more as more and more jurisdictions start to regulate. What is perfect for me? Ideally, when there are enough countries doing this, we have standard regulation. Internationally, which everyone has to deal with.Then, in my opinion, it would be grandiose.
In April this year, Gibraltar introduced a new regulatory package for distributed ledger technology (DLT) service providers that gives crypto companies clarity on the threats of market manipulation and insider trading.

Source: CoinTelegraph