Why this small country is adopting the Bitcoin Lightning Network
Gibraltar is increasingly known for its pioneering crypto regulations, support for blockchain development and bitcoin adoption. Cointelegraph YouTube Subscribe
Cointelegraph reporter Joe Hall traveled to the country of Gibraltar to explore bitcoin adoption on The Rock, as the peninsula is known locally, and how bitcoin adoption for purchases on the territory has an impact on business.
The visit was also an opportunity to visit Xapo Bank, the first private financial institution in the world to combine traditional banking with Bitcoin. Coinbase acquired its custodial business in 2019, making the US exchange the largest crypto custodian in the world.
The British Overseas Territory of Gibraltar is known for its pioneering crypto regulations, support for blockchain development, and adoption of bitcoin, with many retail businesses using the Lightning Network - a layer two network that allows off-chain transactions - to accept bitcoin as payment around the peninsula.
"When you talk about the adoption of Bitcoin usage, is that going to come? Yes, that's as more and more jurisdictions start to regulate. And what is for me, the ideal is when there are enough countries that do it."
In April this year, Gibraltar introduced a new regulatory package for Distributed Ledger Technology (DLT) service providers, providing clear guidance to crypto businesses regarding threats of market manipulation and insider trading.
Gibraltar is increasingly known for its pioneering crypto regulations, support for blockchain development and bitcoin adoption. Cointelegraph YouTube Subscribe
Cointelegraph reporter Joe Hall traveled to the country of Gibraltar to explore bitcoin adoption on The Rock, as the peninsula is known locally, and how bitcoin adoption for purchases on the territory has an impact on business.
The visit was also an opportunity to visit Xapo Bank, the first private financial institution in the world to combine traditional banking with Bitcoin. Coinbase acquired its custodial business in 2019, making the US exchange the largest crypto custodian in the world.
The British Overseas Territory of Gibraltar is known for its pioneering crypto regulations, support for blockchain development, and adoption of bitcoin, with many retail businesses using the Lightning Network - a layer two network that allows off-chain transactions - to accept bitcoin as payment around the peninsula.
"When you talk about the adoption of Bitcoin usage, is that going to come? Yes, that's as more and more jurisdictions start to regulate. And what is for me, the ideal is when there are enough countries that do it."
In April this year, Gibraltar introduced a new regulatory package for Distributed Ledger Technology (DLT) service providers, providing clear guidance to crypto businesses regarding threats of market manipulation and insider trading.
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