Gibraltar: Bitcoin

This small peninsula located in the south of Spain which officially belongs to the United Kingdom seems to be gravitating towards the mass adoption of Bitcoin.

DeFi September 30
Víctor de Castro

Sometimes it is surprising what a small territory can achieve by itself. We know countries that are incredibly small on the map that stil manage to be independent. Even some geographical spaces do not know very well who they belong to, but they embrace it. One of them is Gibraltar, which lives in an eternal fight between whether it belongs to the United Kingdom or to Spain. What is clear is that every day it belongs more to Bitcoin. 

This small peninsula is lining up in favor of the crypto market. It is a pioneer in the regulation of cryptocurrencies, has been in favor of the development of blockchain technology and, in addition, it seems that it is adopting Bitcoin. It has the first private financial institution in the world that has combined traditional banking with Bitcoin. We are talking about Xapo Bank

In addition, the British Overseas Territory of Gibraltar, its official name, introduced a package of regulations before the summer of this year. In it, he devoted a significant space to providers of distributed ledger technology services. Companies that work with DLT technology have greater regulatory clarity in this region. 

But if there is something that stands out in Gibraltar, it is the use of the Lightning Network. This layer two network that enables off-chain transactions is increasingly used on this promontory. Many retail businesses have incorporated it into their payment methods for those interested in paying their bills using bitcoins, not fiat money. 

This, in addition to its support for the development of the blockchain and its regulations mentioned above, have caused Gibraltar to be on the crypto map. Sometimes you don't have to have huge dimensions to stand out. Gibraltar is an example of how mass adoption is getting closer and closer with every passing day. 


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