In Antigua and Barbuda where citizenship could be acquired with US$100,000, the government of the country has now adopted cryptocurrency, and just 12 Bitcoins could be paid to fully become a citizen of the Caribbean country.
The decision become widespread after the Citizenship by Investment Program Act of the country was amended but the parliamentarians who gave room for cryptocurrencies like Bitcoin to be used as payment option.
The decision to use Bitcoin as amended in the constitution was announced by the Antigua and Barbuda’s Prime Minister and Minister of Finance, Corporate Governance and Public-Private Partnerships, Hon. Gaston Browne, according to Antigua News Room.
Browne in the announcement, made known that the decision to use cryptocurrencies is to make it easy for those who want to be citizens of the country to pay, and to attract more people from far and wide.
Mr. Browne said before the parliament: “And the truth is too, it expands your market because we have a number of cryptocurrency investors who may be quite willing to take up our citizenship but would only pay in cryptocurrencies.”
He advised the parliament to adopt the idea, saying, “if you do not accept the cryptocurrency then you would be literally locked out of that market.”
To avoid been caught in the web of volatility, Brown said payment made in digital coin will be converted on daily basis to US Currency.
This is not the first time Antigua is making every effort to make the country cryptocurrency friendly. Around April, the country’s attorney general declared that legislation be made to give room for government to pay with Bitcoin for service rendered.
Cryptocurrency is gaining massive adoption in different countries. However, some countries believe it will result in money laundering amidst other crime, and may result in countries been looted completely.
However, countries like US, Belarus, Australia, Sweden, South Korea, The Netherlands, Finland, Canada, The UK among others are at the fore of blockchain especially cryptocurrency deployment.