Antigua And Barbuda Govt. To Set Up Crypto Exchange

The Antigua and Barbuda government is setting up a cryptocurrency exchange, aiming to create wealth for the country, reports said.

It is expected that the legislation would go before the parliament soon to set up the needed legal framework.

With the move, the country wants to generate revenue for the nation’s treasury and place the country on the new system of creating wealth.

A government statement noted, “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.”

According to Information technology minister Melford Nicholas, the exchange will act as a facilitator that will bring together cryptocurrency buyers and sellers charging a fee.

The trading platform is expected to generate non-tax revenue for the budget of the island nation.

Nicholas reportedly noted that one of the persons involved in the move is online gambling entrepreneur Calvin Ayre, who is the government’s cryptocurrency adviser. The Canadian-born businessman, known for his enthusiasm for cryptos, is now a citizen of Antigua and Barbuda.

Last month, Ayre announced about building a $100 million resort at Valley Church beach, Antigua, with profits from his digital currency investments.

by RTTNews Staff Writer

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