Antigua and Barbuda to set up full-scale cryptocurrency exchange
The government of
Antigua and Barbuda is moving to set up a cryptocurrency exchange as it looks to cash in on the global wave of financial technology. Legislation is expected to go before the island nation’s parliament shortly to set up the relevant legal framework.
“Antigua and Barbuda is determined to be on the cutting-edge of the new system of creating wealth with the expectation that the Exchange will generate non-tax revenue for the Treasury,” a government statement read.
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.
“One of the persons who is involved at the forefront of this new cutting-edge technology is Mr.
Calvin Ayre, and he himself had earlier been appointed as an economic envoy. He’s now a citizen of Antigua and Barbuda. We’re thinking that we can leverage both those relationships.”
“By establishing an exchange here it will bring Antigua into the game. As it were, should there be any potential economic spinoffs, we should be in the front seat,” Nicholas said.
The Canadian-born Ayre, founder of online gaming platform Bodog, is the island government’s cryptocurrency adviser. Last month, Ayre announced he will be building a US$100 million resort at Valley Church beach, Antigua, with profits gained from his digital currency investments.
In September 2017,
Hurricane Irma damaged or destroyed 95% of Barbuda's buildings and infrastructure. In the aftermath of the devasting hurricane, the entire population of Barbuda island was evacuated to Antigua.