According to reports by Antigua-based news media, the cabinet of Government of Antigua & Barbuda has instructed Steadroy “Cutie” Benjamin, the Attorney General, in order to plan for implementation of laws for bitcoin.
The move comes after a group affiliated with the Antigua Leisure & Gaming Association met with Cabinet, recently in order to discuss and experience bitcoin technology for transacting the sale of goods and services. The cabinet is aiming to place the country among the cutting edge of this technology.
“Here in Antigua & Barbuda we know we are always very much front and centre of new developments; we are leaders, trendsetters in the Caribbean,” EP Chet Greene, Minister of Trade and Consumer Affairs, said at the post-Cabinet briefing. “Bitcoin is immutable; you can always go and trace transactions, so in the context of allegations of our country being involved in tax havens, it allows for better traceability”.
Bitcoin digital currency is being recognized and regulated in various countries including Korea and Japan, for business transactions. On the other hand, countries like Malta and Switzerland are already engaged with this technology or have given commitments to get onboard with this development.
Greene further stated that the currency will benefit Antigua & Barbuda in respect to internet gaming sector. He added that it would allow them the satisfaction needed as a jurisdiction in respect to questions that would be asked of us in the global environment. He is also encouraging the public to conduct online searches on bitcoin and has increased in value several times since it was patented.
