Just off the coast of France, the tiny island of Jersey is aiming to be the world’s first “bitcoin isle” after Phillip Ozouf, the island’s Treasury Minister, said that he wants it to be an innovator for the digital currency.

Located in the English Channel, Jersey is a self-governing island and is one of the top global offshore financial centres. Recently, they announced their stance on cryptocurrencies and it seems that some people and investors are responding positively to make the island into a haven for Bitcoin.

Ozouf says that bitcoin “is a sector that could hold significant opportunities for Jersey.”

“Our infrastructure of world-class financial services and digital expertise gives us the tools to be an early leader in the field. Innovation will be central to Jersey’s future prosperity. We are keen to support local businesses by helping to create a well-regulated and responsive environment for investment in the sector.”

A campaign has been launched to make Jersey the leader in digital currencies. Bit.coin.je is an organization that wants to establish and encourage bitcoin use in Jersey. Bobby Andrews, the head of the organization tells BBC that he and his organization have big plans for a cashless future for Jersey. “My plan would be that you get the bus and pay using your phone. You get the paper, you pay with your phone. And at no point do you constantly give people your credit card details.”

Jersey, however, is not the only one vying to become the most attractive jurisdiction for Bitcoin. Digital currencies have received an endorsement from the government of the Isle of Man, who announced that they will be issuing guidelines to protect bitcoin-related businesses and customers utilising digital currencies. Bali, Indonesiais also in the race to become the first bitcoin island in the world.