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Guernsey Post plans to release a special set of Gold Goat Crypto Stamps have been rejected by the Guernsey Financial Services Commission.
The GFSC found that the stamps would not meet the requirements of the 'Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022'.
The Crypto Stamps were meant to be part of a "innovative" take on traditionally collectable stamps.
The modern twist saw Guernsey Post dip their toe into the world of NFTs or Non-Fungible Tokens.
These NFTs are like digital trading cards, holding a specific value tied to a Crypto-Currency, often linked to Bitcoin or Ethereum. They can vary in "rareness" which often comes with a bump in price.
However, this link to a currency and the volatility that comes with anything in the Crypto-world may have led to the cancellation of the 'Crypto-Stamps'.
Pictured: Two of the proposed Golden Guernsey Crypto Stamps designed by local artist Chris Griffiths.
The stamps were announced in July this year, as Guernsey Post built towards a launch, with a planned pre-sale of 300 early editions.
A bespoke website was launched along with separate social media channels on Instagram, Facebook, and Twitter.
However, that pre-sale was delayed, and a more recent announcement confirms that the 'Crypto Stamps' will stay clear of the digital world.
They will still be brought to life though, as the designs will be featured on a special set of miniature sheets and available for purchase shortly.
Pictured: One of the social media accounts set up to support the launch of the 'Crypto Stamps'.
Boley Smillie, the Chief Executive of Guernsey Post, said: “Our proposed crypto stamps have been considered to be a virtual asset by the Guernsey Financial Services Commission and that means they would be unlikely to licence Guernsey Post for the sale of this type of product.
"Unfortunately, this opinion was not consistent with the legal advice that we received on the matter, but we have chosen to launch the Guernsey Goat Stamps in a different way.
"These designs will be launched as a miniature sheet containing two traditional postage stamps celebrating the Royal Guernsey Golden Goat, alongside a limited-edition product.
"We are excited to create something special for release early next year to ensure the fabulous goat designs live on and we look forward to sharing more details soon."
Pictured top: A still from the Guernsey Post crypto stamps website.
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