[2018-04-02] Antigua and Barbuda to Set Up a Cryptocurrency Exchange

[limek]

The government of Antigua and Barbuda has decided to set up a cryptocurrency exchange. Authorities in St. John’s want to generate revenue for the nation’s treasury and place the country “on the cutting edge of the new system of creating wealth”. The local parliament is set to review and adopt the relevant legal framework.

In the Front Seat

Trying to cash in on the global fintech wave, Antigua and Barbuda plans to set up its first cryptocurrency exchange. The legislation needed to create the necessary legal framework is to be introduced in parliament shortly, the local Daily Observer reports.

According to the Minister of Information Technology, Melford Nicholas, the exchange will bring together buyers and sellers facilitating crypto trade for a fee. The government expects that the trading platform will generate non-tax revenue for the budget of the island nation. An official statement reads:

        "Antigua and Barbuda is determined to be on the cutting edge of the new system of creating wealth."

“By establishing an exchange here we will bring Antigua into the game, as it were. Should there be any potential economic spinoffs, we should be in the front seat,” Mr. Nicholas said.

The IT Minister also revealed that Canadian-born businessman Calvin Ayre is one of those involved at the forefront of the new cutting edge technology. The online gambling entrepreneur, who is known for his enthusiasm for cryptos, especially bitcoin cash (BCH), is advising the Antiguan government on cryptocurrency matters.

“Mr. Ayre was appointed as an economic envoy and he is now a citizen of Antigua and Barbuda. We think we can leverage both of those relationships,” said Melford Nicholas.

Read more: https://news.bitcoin.com/antigua-and-barbuda-to-set-up-a-cryptocurrency-exchange/

[jjacob]

A cryptocurrency exchange set up by a government has its pros and cons. The biggest advantage is that you don't have to fear the operator disappearing with your funds overnight. It is however ironic that people might have to trust the government to hold their decentralized cryptocurrencies. Another disadvantage is that governments do not have a good reputation of handling cybersecurity issues.

[ivanpoldark]

What, they gave mr. Ayre a citizenship of Antigua and Barbuda? Interesting, what was the reason for this decision, maybe participation in local gambling industry requires citizenship, something that looks like exclusive Indian rights for opening Casino`s in USA.