Have you ever been interested in becoming a citizen of Antigua? Well, if you have, it would have cost you a cool US$100,000. However, if you’re one of those smart people who invested in Bitcoins, you can now have that citizenship for just 12 Bitcoins.
The Antigua and Barbuda’s Citizenship by Investment Program Act was recently amended by the parliament to permit payments in the form of Bitcoins and other cryptocurrencies as well. The announcement concerning the new resolution was made by Hon. Gaston Browne, Prime Minister and Minister of Finance & Corporate Governance & Public-Private Partnerships.
Engaging with HODLERS
According to the minister, the amendment was made with the intention of allowing cryptocurrency owners to purchase citizenship. By including the current payment options, the government also intends to bring in more people from all over the globe.
Browne told the media that the new rule allows for the expansion of the market, which benefits the various cryptocurrency investors who might also be interested in taking up an Antiguan citizenship but are not willing to pay in fiat currency. The minister then added that failure to accept cryptocurrencies would only lock Antigua out of the market.
According to reports, the cryptocurrency payments will be converted into US dollars to prevent losses that might result from volatility.
To be eligible for the citizenship program under the Antigua and Barbuda’s Citizenship by Investment Program Act, applicants can choose from two options. They can either invest in the country or make a contribution to the National Development Fund. For the former option, the investment amount varies from $400,000 to $1.5 million and for the latter, the amount is set at $100,000.
However, there will be additional amounts added for each dependent.
As in the past, the island state located in West Indies had made multiple efforts to create an environment that is open to cryptocurrency investors. For instance, in early 2017, the attorney general of the country was told by the cabinet to bring in legislation that would permit the use of cryptocurrencies to pay for government services.
A good look
Everly Chet Greene, the country’s Minister of Foreign Affairs, International Trade & Immigration, once argued that the blockchain’s immutable characteristic made it possible for transactions to be traced, which was in direct contrast with the country’s reputation as a tax haven.
Thanks to a burgeoning financial sector and growing internet gaming industry, Antigua has been perceived as a hotspot for financial crimes and money laundering.
However, Greene also stated that the use of Bitcoin as a form of payment for government services would establish Antigua & Barbuda as a trendsetter in the region. In her statement to the media, she mentioned that the Island state was always recognized for being a leader in terms of new developments.
The new move by Antigua paints a hopeful picture for cryptocurrencies. It’s a good indicator that the era of global cryptocurrency adoption isn’t just a blind dream.