The Caribbean sovereign state of Antigua and Barbuda’s government has green lit the decision to set up their first cryptocurrency exchange. According to the Minister of Information Technology Melford Nicholas, the new crypto exchange will offer users the ability to buy and sell cryptocurrencies for a small fee.
“By establishing an exchange here we will bring Antigua into the game, as it were. Should there be any potential economic spinoffs, we should be in the front seat,”
– Minister of Information Technology, Melford Nicholas
Antigua and Barbuda is looking to take advantage of the booming global cryptocurrency markets to generate revenue for the nation’s treasury. The Caribbean state’s economy relies heavily on revenue from tourism as well as gambling, and is also looking to also invest in mining facilities through out the country.
The push to position Antigua and Barbuda in the front line of the crypto economy is lead by Calvin Ayre, a Canadian born businessman and online gambling entrepreneur. Ayre is acting as an adviser to the government as an economic envoy.
The necessary legal framework is currently being hatched out and will be propositioned to local parliament for review in the next coming weeks.