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In Legislating a Cryptocurrency Exchange, a Small Scale Jurisdiction Provides a Blockchain FirstPublished April 7, 2018 by Lee R
Blockchain technology makes a new wealth generation system model possible in the twin island jurisdiction.
A government jurisdiction is for the first time preparing to set up its own cryptocurrency exchange, with the hosting of cryptocurrency trade standing as a way to raise revenue for the government.
Cryptocurrency Task Force
The Antigua and Barbuda government is in the advanced stage of forming a task force to help review and adopt the necessary legal requirements into the technological structure and trade conditions of the blockchain technology upon which the exchange would be built.
Cutting Edge of Wealth
The parliament reports that the exchange is being created in the interests of placing the region at the forefront of the future system of wealth generation.
The new proposal and legislative model will be submitted to the Antigua and Barbuda parliament for approval and screening.
IT Minister Speaks
According to Minister for Information Technology Melford Nicholas, the exchange is set to bring together all buyers and sellers to facilitate cryptocurrency trade in a single unified market the for a reasonable fee serving to generate non-tax revenue for the government.
Seizing the Future
The appeal of technological innovation in the investment sector was underscored by Nicholas, saying the “cutting edge system of wealth creation” gives the country a leg up “in case there will be a potential economic spinoff because we will be in the front seat” of what he and many others around the world are preparing for: adaptation of investment and trade processes to the blockchain.
Ayre’s Direct Involvement
The project is being overseen by Canadian gaming entrepreneur and publisher Calvin Ayre, coming on the heels of last month’s announcement last month that Ayre had acquired Antigua’s citizenship and was planning to build a $100 million resort at Valley Church Beach. Ayre further plans to begin mining Bitcoin Cash, which will be accepted as a form of payment at the new resort.
The adoption by any government of not just cryptocurrency but blockchain technology stands as a significant moment in global as well as regional finance. The small scale of the Antigua and Barbuda economy and regulation model an excellent and apt microcosmic test sample for other larger jurisdictions, with the small twin island nation destined to be remembered forever as the first.