According to a reports from Daily Observer, the legislators are already creating the necessary legal framework that is to be introduced in parliament shortly. Antigua and Barbuda plans to set up its first cryptocurrency exchange as they are trying to cash in on the global fintech wave.
The Minister of Information Technology, Melford Nicholas, has revealed that the exchange will bring together buyers and sellers facilitating crypto trade for a fee. And the government expects that the trading platform will generate non-tax revenue for the budget of the island nation. An official statement reads:
Antigua and Barbuda is determined to be on the cutting edge of the new system of creating wealth. By establishing an exchange here we will bring Antigua into the game, as it were. Should there be any potential economic spinoffs, we should be in the front seat.
The Information Technology Minister also revealed that Canadian-born businessman Calvin Ayre is one of those involved at the forefront of the new cutting edge technology. The online gambling entrepreneur, who is known for his enthusiasm for cryptos, especially bitcoin cash (BCH), is advising the Antiguan government on cryptocurrency matters.
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Melford Nicholas, said:
“Mr. Ayre was appointed as an economic envoy and he is now a citizen of Antigua and Barbuda. We think we can leverage both of those relationships,”
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