Manncoin is a digital currency which has been designed specifically for the Isle of Man and is registered with the Isle of Man Financial Services Authority. Manncoin is completely independent from the Isle of Man Government and the entire banking system. Manncoin is a new monetary system enabled by the security of blockchain technology verifying all transactions. Think, “Manx Bitcoin” but with a number of alterations and improvements.
A Blockchain is a digital ledger that is managed by a cluster of computers. Each of the blocks of data is secured and bound to each other in a chain making it extremely difficult and virtually impossible to manipulate. Our Blockchain contains data on all Manncoin transactions.
Manncoin has been designed to be a deflationary currency with a total limited supply of 8,331,400. This is far less than most cryptocurrencies in circulation but reflects the smaller market of the Isle of Man. Although the number appears somewhat arbitrary, it was decided to base it upon a total supply of 100 Manncoin for each and every Manx resident, based upon the last census back in 2016, of 83,314 residents.
The ‘Manncoin Wallet’ and ‘Manncoin Business’ Wallet are both available to download from the App Store and Google Play Store for free. A wallet is the first thing required to get started and involved in any digital currency. Your wallet enables you to send & receive; and store Manncoin for free.
The company behind Manncoin, ManxTech Limited is registered with the Isle of Man Financial Services Authority as a Designated Business under the Designated Businesses (Registration & Oversight) Act 2015. This requires Manncoin to follow Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) legislation. ManxTech Limited is also registered with the Isle of Man Information Commissioner as a Data Controller which requires Manncoin to follow all Data Protection and GDPR legislation.
Know Your Customer (KYC)
Manncoin has addressed AML/CFT by implementing a KYC process to each and every Wallet, user and business. This makes every user accountable for their use of Manncoin, making criminal activity extremely undesirable. Through a mixed use of technology and traditional methods we have designed a user-friendly and efficient KYC application process that keeps us in line with regulations and future-proofs Manncoin’s use and relevance.