 At the end of 2008 deposits in Jersey banks totalled £206 billion, down £6.2 billion from £212.3 billion at the start of the year.The first regulated Bitcoin fund was established in Jersey in July 2014, with the approval of the Jersey Financial Services Commission, after island leaders expressed a desire for Jersey to become a global center for digital currencies.At the time of the establishment of the fund by a Jersey-based hedge fund company, Bitcoin was already being accepted by some local businesses.