If you are constantly dreaming about settling somewhere in the Caribbean or South Pacific, this is the news you’ve been waiting for. The government of an independent Commonwealth country in the West Indies in the Americas, Antigua and Barbuda, has decided to give citizenship for a certain amount of cryptocurrencies, mainly Bitcoin.
As a reminder, a tropical island between northern Australia, New Guinea and Fiji, Vanuatu, has launched the same program in October 2017.
The country’s Investment Programme Act will accept payments in the form of BTC and other digital assets at the price of $100,000 USD or less than 13 units. All investments will finance the National Development Fund, as previously determined by the latest government’s resolution on cryptocurrencies.
Safe Payment MechanismAccording to Antigua’s prime minister and minister of finance, Gaston Browne, the country is not only able to provide payments in Euros, but cryptocurrencies as well…
However, Browne admits that working with virtual assets needs to closely monitored, due to the huge gaps regarding transactions and liquidity. It is of utter essence to create and maintain a strong payment mechanism that will guarantee safety for both moving and receiving crypto money, added the prime minister.
Market ExpansionAnother key point in facilitating CIP payments is the expansion of market and there is a huge number of cryptocurrency investors who are willing to take up citizenship in exchange for Bitcoin. At this time, denying crypto assets can lock you out of the market, acknowledged prime minister Browne.
The parliament of Antigua and Barbuda reduced the price for citizenship in October 2017, due to the program’s inability to compete with the neighboring countries. For example, Dominican Republic earns approximately $50 million per month through its NDF plan which is 83 times more from what Antigua has generated - $600,000 from only three new citizens.
Mr. Browne also confirmed the government’s efforts regarding the translation of all virtual currencies through CIP into fiat currencies to ensure total transparency and exposure.
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