Photo Credits: Mona Shah & Associates
This is a crowning moment for Bitcoin and cryptocurrencies in general as the Parliament of Antigua and Barbuda officially enact the necessary legislative framework to officially recognize them as payment for its Citizenship by Investment Program(CIP). For those who aren't aware, the CIP is one of the ways Caribbean islands raise money to finance its operation apart from taxes. Investors are afforded the luxury of second passport with many benefits including visa-free restriction to over 145 countries in some cases. Caribbean islands has been under the threat of global derisking campaign champion by those who perceive the profits/ business as to little to continue engaging in business leaving many islands in fear of being cut off from the financial system. This threat from global banks who continue to dictate to these islands who they can and cannot do business has been a pain these islands had to endure but with the introduction of Bitcoin and other cryptocurrencies things are looking brighter for these islands as more options are available.
Given the climate within the financial scope as it relates US dollars, many of these islands are now accepting Euro dollars and the Antigua and Barbuda government are taking no chances. Traditionally goods and services are traded in US dollars and the CIP program is commonly dominated in USD but its recent legislative change now recognizes Euro and went further by officially recognizing Bitcoin and basket of cryptocurrencies. The CIP also involves real estate and if you are thinking of investing in Real Estate and have some Steem, yes Steem, you can have your dream life under the sun.
Here is the full details from local media out
https://antiguanewsroom.com/news/antiguas-citizenship-can-now-be-bought-using-bitcoin/
If you are a Bitcoin Cash fan, very soon, you would be able to spend your Bitcoin Cash on a 5 star luxury hotel accepting only Bitcoin Cash as famous Bitcoin Cash thought leader Calvin Ayre is leading that charge. The island also have plans of building its own cryptocurrency exchange with the proceeds of trading fees going directly towards national revenue. Currently there is a drive to bring awareness of the nascent cryptocurrency movement and the government is doing all in its power by way of embracing policies that are attractive. Antigua and Barbuda is definitely the first, and this is could lead other islands with CIP portfolio to follow suit, this include St Kitts & Nevis, Dominica, St Lucia, and Grenada. We may see St Kitts and Nevis and Dominica move in that direction but Grenada and St Lucia may be years in the making as their respective government haven't given any signal its part of their interest. Apart from CIP base islands, Bermuda is another island moving forward and the Parliament could pass the necessary legislative work in the coming weeks that recognizes Bitcoin and other cryptocurrencies.