The authority of Antigua and Barbuda has decided to set up a cryptocurrency exchange. Authorities in St. John’s thirst to generate revenue for the nation’s treasury and place the country “on the cutting virulence of the new system of creating wealth”. The local parliament is set to review and adopt the associated legal framework.
Also read: How the Marshall Islands Sovereign Cryptocurrency Came All round
In the Front Seat
Trying to cash in on the global fintech wave, Antigua and Barbuda arranges to set up its first cryptocurrency exchange. The legislation needed to create the necessary juridical framework is to be introduced in parliament shortly, the local Daily Observer studies.
According to the Minister of Information Technology, Melford Nicholas, the exchange resolve bring together buyers and sellers facilitating crypto trade for a fee. The guidance expects that the trading platform will generate non-tax interest for the budget of the island nation. An official statement reads:
Antigua and Barbuda is distinct to be on the cutting edge of the new system of creating wealth.
“By establishing an exchange here we command bring Antigua into the game, as it were. Should there be any future economic spinoffs, we should be in the front seat,” Mr. Nicholas said.
The IT Abb also revealed that Canadian-born businessman Calvin Ayre is one of those enmeshed with at the forefront of the new cutting edge technology. The online gambling entrepreneur, who is conscious for his enthusiasm for cryptos, especially bitcoin cash (BCH), is advising the Antiguan command on cryptocurrency matters.
“Mr. Ayre was appointed as an economic envoy and he is now a citizen of Antigua and Barbuda. We invent we can leverage both of those relationships,” said Melford Nicholas.
Final month Calvin Ayre announced intentions to build a $100 million take to at Valley Church beach, Antigua, with profits from his cryptocurrency achievements. In January he said he was planning to invest in a mining facility dedicated to bitcoin liquidate. The new resort will accept BCH payments.
Leader in Bitcoin Adoption
In 2017, the supervision of Antigua and Barbuda said it was drafting laws “to implement bitcoin”, as word.Bitcoin.com reported. Antiguan authorities believe bitcoin is benefiting the Caribbean realm, whose economy relies heavily on the tourism and gambling industries. The online gaming sector has strengthened rapidly in recent years.
Antigua and Barbuda is a sovereign state consisting of two vital islands, and a number of smaller islands, situated between the Caribbean Sea and the Atlantic Scads. It is a member of the Commonwealth of Nations. Authorities in the capital Saint John’s desire their country will become an early leader in bitcoin adoption and blockchain technology implementation.
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