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Antigua and Barbuda Set to Establish Cryptocurrency Exchange

Reading Time: 2 minutes by on April 2, 2018 Altcoins, Bitcoin, Commentary, Finance, News
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According to a local news outlet, The Daily Observer, the government of Antigua and Barbuda is looking to establish a cryptocurrency exchange. In an article published on Friday, March 30, 2018, the government of the island nation declared that it wants to create a cryptocurrency exchange platform as a means of cashing into the crypto fintech revolution.

Government authorities and finance stakeholders in St. John’s are looking to use crypto as a vehicle for generating much-needed revenue for the country. The article also said that the appropriate legislative framework is currently being worked on by the country’s parliament.

According to Melford Nicholas, the information technology minister of the Caribbean island, the exchange is expected to serve as a viable platform that will facilitate the activities of crypto traders. He made these those in a statement delivered the previous Thursday, March 29, 2018.

The minister also declared that by establishing its own cryptocurrency exchange, the government was putting itself in a position of advantage to be able to make the best use of any potential economic spinoffs. A cryptocurrency exchange is a platform that enables the buying, selling, and trading of cryptocurrencies in exchange for other cryptocurrencies or for fiat.

The Calvin Ayre Connection

The minister also revealed that Calvin Ayre, the Canadian-born business mogul is a major consultant on the government’s plan to establish a cryptocurrency exchange platform. Calvin functions as an adviser to the government in matters relating to cryptocurrency as well as being a special economic envoy and a citizen of the country.

The minister is confident that the nation can count on and leverage the relationship it has with Ayre to good effect in terms of its crypto aspirations.

Calvin Ayre popularly referred to as ‘his excellency’ by the country’s government has become a popular figure within the country’s government circles. In February 2018, BTCManager reported that he was set to establish a $100 million resort in the Valley church resort area of the country. The resort is reportedly being built out of the substantial profits that Ayre has made from his investments in bitcoin.

The proposed five-star resort will accept payments made with bitcoin cash via POS terminals in several locations all over the resort. In January 2018, he also announced that he was set to establish a mining facility that was designed to mine bitcoin cash.

Aspiring Crypto Hub

Since 2017, the government in Antigua and Barbuda have been taking concrete steps to establish itself as a more bitcoin-friendly country. They began by drafting laws to enable bitcoin adoption within the country. Much of the country’s revenue comes from its tourism and online gaming sectors.

Government officials are trying to take the necessary steps to ensure that the country becomes a global leader in crypto adoption and well as blockchain implementation. While some countries are creating a hostile environment for cryptos through bans and strict regulatory laws, Antigua and Barbuda want to welcome crypto investments into the country.

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