By way of resolution, the parliament of Antigua and Barbuda has amended the Citizenship by Investment Programme Act to allow for payments to be made in Bitcoin and other cryptocurrencies.
The resolution was passed in the Lower House last night without debate, and will also allow for payments to be made in Euros and currencies other than US dollars.
“So not only are we providing the capacity for payment in Euros, but we are also proving for payments using bitcoin and other cryptocurrencies,” Browne who is also finance minister announced.
He acknowledged that with cryptocurrencies “we know we have to be careful.”
But the prime minister said the amendment was necessary because “moving money is important and if you cannot move money you cannot receive it.”
“So it is quintessential that we have a payment mechanism that could facilitate payments in cryptocurrencies,” he said.
Not allowing that method of payment Browne argued, could block out people from the programme who want to pay using this method.
“And the truth is too, it expands your market because we have a number of cryptocurrency investors who may be quite willing to take up our citizenship but would only pay in cryptocurrencies,” he told the parliament.
“If you do not accept the cryptocurrency then you would be literally locked out of that market,” he added.
The country’s leader assured residents that payments in cryptocurrencies will be converted to US dollars daily “to ensure that we don’t have any exposure in cryptocurrencies.”
With the progressive decision of Antigua and Barbuda to accept Bitcoin for its Citizenship by Investment Programme, doors might be opening for related sectors, including the burgeoning casino Bitcoin market. This move signals the nation’s forward-thinking approach to digital currencies.
Prime Minister Browne’s emphasis on facilitating Bitcoin transactions could indirectly make the nation a potential hub for Bitcoin gambling platforms. This makes Antigua and Barbuda a space to watch for crypto-driven innovations.
A related amendment to the CIP regulations will allow the Citizenship by Investment Unit to open offshore accounts for receiving payments.
Browne said this amendment is also necessary as a response to derisking and fears that local banks may lose their relationships.
“A number of agents have been de-banked by various banks within the domestic banking space. Because they are saying that their correspondent banks within the US are saying that if they were to process CIP transactions, that they would withdraw their correspondent banking.
“What we are trying to do is to give them the option of establishing accounts with offshore banks including Global Bank and Commerce and others, so they have the option of having a bank that is willing to accommodate their transactions,” he told fellow lawmakers.
Advertise with the mоѕt vіѕіtеd nеwѕ ѕіtе іn Antigua!
We offer fully customizable and flexible digital marketing packages.
Contact us at [email protected]
Am lost Mr Editor please help me. Wouldn’t global bank suffer the same fate? Are they using a different breed of correspondent bank?
who in Antigua truly understand the rudiments of crypto currency?
Ono y are we getting into this shit ….this tham country to much schoolers bring back papa bird quick when them bright boy down with this country….we already cant get water
Puppa help are we jack
This is a step in the right direction. Albeit there will need a depth of training and education material, the acceptance of Bitcoin, in particular, will lead to more transparency regarding our suspicious CIP program (not as confident in accepting privacy coins).
Third world you can buy everything.
Excellent forward thinking. But i know the execution will be poor. All i see is untraceable transactions and easier path for corruption. Training, education, and checks/balances will be important.
untraceable corruption
This is a great step forward for the whole country, everyone should and could get into the next form of future payment systems that’s based on Blockchain Tech, please don’t just look at the name Bitcoin. There are a whole lot of different type’s of coins or token coming to market, so maybe your country might want to look at all coins/tokens and make it so that you can accept one type of payment system based on the Blockchain contract it’s based on. By doing this it will allow more spending through out your country and bring in more revenue for all involved.
DetoControl folosind
With thanks. Awesome stuff!
Comments are closed.