Gibraltar is a British overseas territory, disputed by Spain, in the south of the Iberian Peninsula, including the Rock of Gibraltar and a sandy isthmus connecting the rock with the Iberian Peninsula. It occupies a strategic position above the Strait of Gibraltar, which connects the Mediterranean Sea with the Atlantic Ocean. Gibraltar area 6.5 km²
Gibraltar Government Minister for Digital and Financial Services Albert Isola told Cointelegraph that he invested in bitcoin for the benefit of his children.
“I’m not at the stage yet to use them on a regular basis. To a greater extent, this applies to the purchase of my children. As long as I don’t touch them,” the official explained, referring to bitcoins.
Isola has played a significant role in shaping Gibraltar’s regulatory framework for digital assets. Thanks to his efforts, the peninsula has become an attractive jurisdiction for cryptocurrency companies due to the favorable regulatory climate.For example, major franchises in Gibraltar, including Costa Coffee, Card Factor and Hotel Chocolat, are already accepting bitcoin through the Lightning Network.
Payments are instant, hassle-free, and charge merchants less than regular Mastercard or Visa payment processors. Nill Walker, managing director of Sandpiper GI, a group that manages retail franchises, said that when using a Lightning-enabled card, “it’s no different than using a contactless credit card.”
“It’s as fast as you can tap and pay with contactless credit cards, you can tap and pay lightning fast by scanning a QR code. And although I didn’t time it, I think it’s almost the same speed.”
Gibraltar is a small rock that receives about 8 million tourists a year from countries such as the US, Canada, South Africa and the UK. In addition, Walker estimates that around 15,000 foreign workers arrive daily from Spain to work in Gibraltar. The Gibraltar pound is used here, while Spain uses the euro, so currency conversion, remittances and tourism can be strong factors for the adoption of a global currency without borders.