Jersey, the largest of the Channel Islands and a self-governing arm of the United Kingdom. The sovereign currency within Jersey is of course the Pound Sterling, although there are some alternate Jersey specific notes and coins in circulation, the only difference here is the design of the currency and not its value.
Moreover, Jersey is considered a tax haven due to having its own control of financial matters regarding people and businesses registered on the island.
Essentially what I am saying here is that for the United Kingdom specifically, Jersey is a very important place when it comes to matters of finance.
Interestingly, a new report by the Jersey Evening Post suggests that leading cryptocurrency exchange
, Binance, could be about to migrate some of their operations to the island. According to this report, Jersey Finance, the Government of Jersey and the Jersey Financial Services Commission will be working together to develop a strategy for the development of blockchain
industries on the island. A part of this, will see Binance establish a crypto – sterling exchange on the island.
According to the Jersey Evening Post, the CEO of Digital Jersey, Tony Moretta has said:
“It’s a sign of cryptocurrencies growing up in a way because they are scaling up and want to appeal to a wider selection of consumers and businesses by demonstrating they are well regulated and they know Jersey’s reputation is strong.”
Moreover, Zhou Wei of Binance has said:
“We have chosen Jersey to be the next big step in our global expansion strategy for its clear and pro-crypto investment and regulatory environment. With its local economy based on a major currency (GBP), and its close proximity to the UK and Western Europe, we are confident the co-operation with Jersey will not only benefit the local economy, but also form a strong operational foundation for our expansion into the rest of Europe.”
You can see the full report for yourself, here- https://jerseyeveningpost.com/news/2018/06/12/world-first-cryptocurrency-move-may-bring-in-millions/
This is very exciting, both for cryptocurrencies
in the UK and for Jersey as a state. Not only will this see a bunch of new jobs opened up in the area, it will also see increased investment into cryptocurrencies in Jersey and of course, should spark the interest of investors based on the UK mainland. Therefore, this move not only promises to bring money and prosperity to Jersey, but it could very well see a new trend of investment between the mainland UK and Jersey.