Bitcoin has struggled to make its way into mainstream use for years as merchants, government officials and consumers all worry about security and longevity when it comes to cryptocurrencies.

One way the bitcoin community has been working to make the currency more approachable has been through regulation, though many claim that strict laws governing bitcoin use could take away from the decentralized nature of digital currencies. However, some governments are embracing bitcoin as a revolutionary new technology and working together with the industry to create laws that will promote usage while still allowing the currency to expand. This is especially true in the Isle of Man, which could soon become the most bitcoin-friendly place on earth.

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Working Together

The Manx government has been working to support the bitcoin industry for years. Recently, government officials agreed to amend the island's laws to include bitcoin businesses. By creating transparent laws that cryptocurrency startups must adhere to, the government is hoping that more people will become comfortable using digital currencies.

The straightforward laws protect against money laundering and criminal activity, and give new businesses a blueprint to follow in order to adhere to the region's regulations. Regulators, cryptocurrency industry leaders and government officials have promised to keep an open dialogue regarding the laws in order to ensure that they keep pace with the fast changing fintech landscape.

Blockchain Registry

Perhaps the most surprising step toward bitcoin acceptance on the Isle of Man was the Manx government's decision to create a registry for cryptocurrency businesses using blockchain itself. Together with blockchain startup Pythia, Manx government officials plan to create a database powered by blockchain in which all of the island's cryptocurrency firms will be registered. The decision will make the Isle of Man the first country to use blockchain in order to maintain official data.