Antigua and Barbuda is working to set up a cryptocurrency exchange

cryptocurrency exchange

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Antigua and Barbuda government are looking to set up its own cryptocurrency exchange in a bid to raise more revenue for the government. The government’s parliament has already formed a task force to help review and adopt all the legal requirements in forming the exchange. According to the parliament, the exchange is mainly aimed at putting the country on the cutting edge of the new system of generating wealth.

If successful Antigua and Barbuda will be the first country to set up a cryptocurrency exchange. The move and legislative framework required to create the right framework are to be introduced in parliament for approval and screening.

The country’s minister for Information Technology Melford Nicholas said that the exchange would bring together all the buyers and sellers facilitating cryptocurrency trade in the country at a reasonable fee. The main aim according to the minister is to generate a non-tax revenue for the government. An official from the government stated that:

“Antigua and Barbuda are much focused on being on the cutting edge of the system of wealth creation.”

Nicholas went on to state that: “By establishing our own exchange we will bring Antigua and Barbuda into the game. This will give our country an advantage in case there will be a potential economic spinoff because we will be in the front seat.” The minister went on to say that the project was been steered by a Canadian born business Calvin Ayre. Ayre is a well-known gambling entrepreneur who is very enthusiastic about cryptocurrency and especially Bitcoin Cash. The entrepreneur is advising the government on the way forward toward digital currencies.

Also read: Thailand has released the final version of its crypto tax framework

According to Nicholas:

“Mr. Ayre has been appointed as our economic envoy and is now a citizen of our country. We are happy because of his knowledge of crypto, and we hope to leverage both the relationships.”

Last month Calvin Ayre confirmed that he had acquired Antigua’s citizenship and was planning to build a $100 million resort at Valley Church Beach. He stated that he is also planning to begin mining Bitcoin Cash. He also continued to state that his new resort will accept Bitcoin Cash as a means of payment.

The Caribbean nation believes that Bitcoin is real and will be very beneficial to the country. The country was to diversify its income sources which are currently relying on tourism and gambling. It’s good to know that Antigua and Barbuda is an independent country consisting of two Islands which are located between the Caribean sea and the Atlantic Ocean. Its capital is St. Jones and is a member of the commonwealth nations. The country is working hard to become a leader in blockchain and cryptocurrency.

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