The Caribbean Islands have taken another step to embrace cryptocurrencies. The government now accepts cryptocurrency payments for its citizenship program.
Antigua and Barbuda have long made clear its fondness for the digital currencies. Last year, in April, the sovereign state was looking into drafting a law allowing the use of cryptocurrencies to pay for governmental services.
Prime Minister is Not Afraid To Show His Enthusiasm For Crypto
Roughly a year later, its wish has come true. On July 23, Antigua and Barbuda amended the Citizenship by Investment Programme Act (CIP) to allow payments made in Bitcoin or other cryptocurrencies, as well as Euro and other fiat currencies.
Prime Minister Gaston Browne explained, “So not only are we providing the capacity for payment in Euros, but we are also providing for payments using bitcoin and other cryptocurrencies. Moving money is important, and if you cannot move money, you cannot receive it. So it is quintessential that we have a payment mechanism that could facilitate payments in cryptocurrencies.”
The Prime Minister claims there are several cryptocurrency investors interested in becoming citizens of the Caribbean Islands. Browne believes these individuals should be included in the program and allowed to pay using digital currencies if they wish to do so.
Antiguans Will Be Able To Use National Cryptocurrency in Their Daily Lives
Changes to the CIP regulations will allow it to open offshore accounts to receive the digital payments. Browne guaranteed all payments made in cryptocurrencies would be traded for US dollars daily to reduce exposure to the digital currencies.
Earlier this year, the sovereign state announced it would hold its own Initial Coin Offering (ICO). Called the Initial Coin Offering for Development (ICOD), the Ethereum project will release the Antigua Development Coin (ADC) which can be used by Antiguans in their daily lives, using the Antigua eWallet. Reportedly, Antigua and Barbuda also decided to launch a cryptocurrency exchange hoping it will contribute for the nation’s treasury.
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