Tiny island of Jersey hopes to become world Bitcoin leader

A campaign group is seeking to turn the island of Jersey, just off the coast of Normandy, into the most welcoming location for Bitcoin in the world.

Although it's already possible to use the cryptocurrency in a smattering of places around the web and in the physical realm, it's not quite widespread yet. Now bit.coin.je, a new industry body, is hoping to turn Jersey into a "Bitcoin Isle". Jersey is famous as a hotspot for offshore banking, and in a blog post, the group said it is now working with the Channel Islands Information Security Forum to explore how the cryptocurrency can augment this.

In a statement, the CIISF's chairman Matt Palmer said: "Cryptocurrencies are much misunderstood but have the potential to revolutionize the financial system," before adding that currencies such as Bitcoin "could well underpin the future of offshore finance centers."

Jersey's treasury minister, Senator Philip Ozouf, said he's hopeful Jersey can be a pioneer in Bitcoin and cryptocurrencies. "[This] is a sector that could hold significant opportunities for Jersey. "Our infrastructure of world-class financial services and digital expertise gives us the tools to be an early leader in the field," Ozouf said. "Innovation will be central to Jersey's future prosperity."