Blockchain office to be formed on Island

Digital Isle of Man announces new hub

A Blockchain office is to be formed on the Island, it's been announced today by Digital Isle of Man.

The office is said to be a hub, dedicated to growing the blockchain sector.

It's also said to 'facilitate dialogue between businesses and regulators'.

Digital Isle of Man says the 'interaction between blockchain and the e-Gaming sector is already evidenced in Isle of Man elegislation that allows virtual currencies to be deposited, withdrawn and gambled with e-Gaming operators'.

What is blockchain?

Blockchain, as described by the department, is a technology that builds databases and ledgers of information permanently fixed online.

It can't be tampered with and can be updated indefinitely.

Chief Minister Howard Quayle says it's a sign the Island is moving with developing technologies: (play audio)