Gibraltar, an overseas British territory, is disputed by Spain. It is located in the south of Iberian Peninsula. The Rock of Gibraltar, as well as a sandy island connecting the rock to the Iberian Peninsula is the Rock of Gibraltar. It is located above the Strait of Gibraltar which connects the Mediterranean Sea to the Atlantic Ocean. Gibraltar Area 6.5 km2
Albert Isola, Minister of Digital and Financial Services for Gibraltar, told Cointelegraph that bitcoin was a gift he had given to his children.
“I am not yet at the stage to use them on an ongoing basis. This also applies to the purchase and care of my children. “As long as they aren’t touched,” the official said, referring to bitcoins.
Isola played an important role in shaping Gibraltar’s regulatory framework for digital assets. The favorable regulatory environment has made the peninsula a desirable jurisdiction for cryptocurrency businesses.
Major franchises in Gibraltar such as Costa Coffee, Card Factor, and Hotel Chocolat accept bitcoin via the Lightning Network.
Merchants pay less for Visa or Mastercard payments than they do for regular Mastercard and Visa transactions. Nill Walker, Sandpiper GI’s managing director, stated that Lightning-enabled cards are no different from contactless credit cards.
It’s fast enough to tap and pay with contactless cards. You can scan a QR code and tap and pay lightning-fast. Although I didn’t time it, it seems almost the same speed.
Gibraltar, a small island, receives approximately 8 million tourists annually from the United States, Canada, South Africa, and the UK. Walker estimates that approximately 15,000 workers from Spain arrive each day to work in Gibraltar. Here, the Gibraltar pound is used, while Spain uses euro. Currency conversion, remittances, and tourism are all strong factors in the adoption of a global currency that doesn’t have borders.