According to its Treasury Minister, Senator Philip Ozouf a small island in the English Channel called Jersey will become world’s first Bitcoin Island. The cryptocurrency was introduced on the island to replace local cash and is mentioned to be used to pay for small things like newspapers, Bus tickets, drinks, etc. but Senator Philip Ozouf says creating a Bitcoin banking sector could make use of Jersey’s “infrastructure of world-class financial services” (source Engadget) this means that workers will get paid in Bitcoins.
There are currently 12 locations on the island that accept Bitcoins among them are bars and fitness centers. According to the senator, Jersey could become a pioneer in cryptocurrency as it can easily adjust its legislation to make cryptocurrency the default currency on the island.
