Channel Islands Launch Cryptocurrency Investigation

25 June 2014 | Author: Kirsten Morel
Bitcoin banknote

The Channel Islands Information Security Forum (CIISF)has launched its own review of cryptocurrencies and the ways in which Jersey and Guernsey could benefit.

The review comes amid an increasing sense of urgency about the need for the finance industry-driven islands to get up to speed with Cryptocurrencies so they can be prepared for the expected effects on the finance sector.

"Cryptocurrencies are much misunderstood but have the potential to revolutionise the financial system," said Matt Palmer, Chairman of the CIISF. "That may be good news or bad, but a 'wait and see' strategy is not an option. Cryptocurrencies such as bitcoin could well underpin the future of offshore finance centres.”

The investigation is the Forum's own initiative although the body will be workingclosely with Digital Jersey throughout. 

"The Forum will be undertaking an in-depth review of the issues and opportunities around cryptocurrencies, including both the technical and administrative barriers, and presenting our findings back to government and the digital community.

"There is an opportunity to create a trusted regulatory and legislative environment in which cryptocurrencies can be established, operated and traded. However, whilst some jurisdictions are rushing ahead there are considerable risks that need to be addressed.”

Arthur Mainja, Deputy Chair of the CIISF, added "The CIISF has access to over 100 specialists in cybersecurity, and this will provide critical advice and guidance to the States in developing their strategies for the digital and financial services sectors.”

Anyone wishing to contribute to the study should contact the CIISF secretariat at admin@ciisf.org.

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