No formal research has been conducted into the advantages and disadvantages of the government issuing a digital or crypto currency, MHKs have been told.

And Minister for Enterprise Laurence Skelly, in a written reply to a House of Keys question from Arbory, Castletown and Malew MHK Jason Moorhouse, said there was no clear need or business case for such a move.

Mr Skelly said the Isle of Man is recognised as a leader in digital innovation and has observed the world of crypto currencies develop.

But he added: ’A number of countries are now actively considering development of their own crypto currency and given the levels of interest and activity already underway it is unlikely that the Isle of Man Government would be the first.’

Mr Skelly said the introduction of a digital currency is a major undertaking and would require a compelling business case.

He said: ’The government continues to work with the private sector in monitoring opportunities and developments. However, we perceive no clear need or business case at this time to issue our own government-backed crypto currency.’