The regime of Jersey, the largest of the Channel Islands, has published a consultation newspaper on the risks as well as regulations for virtual currencies, including bitcoin. The study volition live similar to that of Financial Action Task Force previously covered past times Bitcoin Magazine. However, the regime of Bailiwick of Jersey is engaging inwards a world virtual currency consultation procedure from July nine to August 7.
With the participation of virtual currency as well as cryptography enthusiasts, the regime of Bailiwick of Jersey is gear upwards to issue the lastly consultation newspaper later all feedback as well as responses convey been considered.
The document volition focus on money laundering risks as well as terrorist financing risks associated alongside digital currencies as well as the possibility of using the blockchain technology scientific discipline to exercise a criterion ledger of records for the island.
Unlike the study of FATF, the regime of Bailiwick of Jersey volition devote a pregnant business office of the document inwards explaining the potential applications of the blockchain, as well as its broad attain of usages.
“The creation of a business-friendly framework that encourages innovation, jobs as well as increase inwards both the fiscal services as well as digital sector is a priority for the Government of Jersey,” the document reads. “Virtual Currency systems tin live pregnant edifice blocks of a modern digital economy. This Consultation Paper highlights the close prominent money laundering as well as terrorist financing risks that the Government of Bailiwick of Jersey believe are associated alongside virtual currencies inwards their electrical flow form.”
The document explicitly explains the benefits as well as the technology scientific discipline behind Ripple as well as its gateway system, as well as how the technology scientific discipline tin live used to exercise goodness the Island of Jersey.