Crypto-currencies part of Island's future says treasury minister

The Treasury Minister says he has no concerns about the use of crypto-currency in the future.

Eddie Teare was replying to a written question in Keys from Onchan MHK Zac Hall.

Mr Hall was concerned the "virtual" money could create a loss for the Treasury and asked if legislation was going to be put in place to control it

Mr Teare was keen to reassure members that the longer term benefits from crypto-currency could be similar to those achieved in the eGaming sector.

This was especially relevant with regard to the creation of jobs. The Department of Economic Development has revealed companies are already setting up business here.

The Minister says crypto-currencies are treated as any foreign currency by being exchanged for Sterling, so they pose no great risk to revenue loss.

He added the Designated Businesses (Registration and Oversight) Bill will mean crypto-currency businesses will be subject to registration by the FSC in relation to the AML legislation.

This will come into effect in the second half of 2015.