In the south of the Mediterranean, very feverish works have been carried out in the shadow of the olive trees at the foot of the Gibraltar Rock. Employees of the Gibraltar Stock Exchange (GSX) are preparing to place this tiny settlement, which once housed the garrison of the British navy, at the heart of the world economy.
Blockchain company Valereum will acquire GSX in 2022 if it gets approval from the peninsula’s regulators. Thus, Gibraltar will become the country with the world’s first integrated stock exchange. On this exchange, traditional stocks and cryptocurrencies such as Bitcoin or Dogecoin will be traded at the same time.
Located right on the shore of the strait connecting the Atlantic Ocean and the Mediterranean Sea, Gibraltar is one of the UK’s overseas territories. With a population of 33,000, Gibraltar’s financial sector accounts for roughly one-third of its £2.4 billion economy. A team of 82 people in total carries out the supervision of the sector.
If things go as planned and the sale takes place with the approval of this team, Gibraltar will become one of the most important Cryptocurrency centers in the world. However, if a negative result comes out of the controls of the supervisory institutions, the loss of reputation and possible sanctions that Gibraltar will face will shake the economy.
El Salvador’s investments in Bitcoin can be an example for some countries. They can take risks and make a profit, as well as make a loss. Time will show that.