Bitcoin (FOI)

Request

Can you please confirm whether any States of Jersey computers currently store copies of the so-called 'blockchain' for the digital cryptocurrency Bitcoin? If yes, which States Department(s) and how many computers store this data in total?

I note that the States of Jersey, in conjunction with the Jersey Financial Services Commission, announced the first regulated Bitcoin investment fund back in 2014. Additionally, the Financial Crime Strategy Group announced they were analysing digital cryptocurrencies at about the same time.

Response

The States of Jersey does not hold this information. Article 3 of the Freedom of Information (Jersey) Law 2011 has been applied.

Bitcoin is a cryptocurrency that exists on a distributed ledger – often referred to as a ‘blockchain’. The distributed ledger Bitcoin operates on is a public ledger, and therefore it is not possible to ‘store’ copies of the entire ledger per se as it is a living ledger.

The States of Jersey’s existing controls would prevent the installation of any cryptocurrency management or mining components.

Article applied:

Article 3 Meaning of “information held by a public authority”

For the purposes of this Law, information is held by a public authority if –

(a) it is held by the authority, otherwise than on behalf of another person; or

(b) it is held by another person on behalf of the authority.