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IoM Forms First Company Exclusively With Bitcoin Capital

by Jason Gorringe, Lowtax.net, London
22 October, 2014

The Isle of Man has enabled the formation of the first company with Bitcoin capital, Garigus Limited, as part of the territory's efforts to foster the creation of a niche market centered on digital currencies.

The Department Of Economic Development's Director of E-Business, Peter Greenhill, said: "The Isle of Man recognizes both the risks and opportunities presented by digital and virtual currencies. We are conscious of issues that have surrounded these activities, but also can identify serious and credible entrants to the market wishing to explore this innovative technology."

The company's formation follows the island's recent announcement that it will regulate the use of crypto-currencies, and also the success of last month's Crypto Valley Summit, where over 170 entrepreneurs, enthusiasts, and representatives from both the private and public sectors gathered to discuss the future of digital currencies in the Isle of Man.

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