From banks to the courts and spreading skills - what needs to change for Bitcoin to take off in Guernsey
This is part of a three part exclusive series on the Guernsey Bitcoin Summit.
- Guernsey needs to adapt its banking, legal, and regulatory systems for Bitcoin to become a staple part of the island's financial offering, according to experts at the Guernsey Bitcoin Summit
- Key blockers include lack of experience, industry precedent, and infrastructure challenges, with fiduciaries needing education and upskilling to handle digital assets effectively
- Banks freezing accounts and slow court proceedings contradict Bitcoin's promise of frictionless, 24/7 trading, creating friction for users seeking seamless transactions
- Industry leaders call for a Guernsey-based custodian to hold digital assets and clear government policy implemented at pace to signal the island is open for Bitcoin business
- The island's principles-based regulatory approach and consultative community are seen as advantages, with the GFSC's willingness to engage with industry praised as unusual among regulators
