Antigua and Barbuda has decided to set up cryptocurrencies as a way to participate in their Citizenship by Investment Programme (CIP).

In recent years, Antigua and Barbuda, an independent Commonwealth country located in the Caribbean, has experienced economic troubles and challenges. Their solution was to implement the Citizenship by Investment Programme (CIP) as a way to restructure their debt and support their economy.

In order to qualify for citizenship in Antigua and Barbuda, one must make a significant financial contribution and pass a series of thorough background checks. There are three ways in which one can contribute: $100,000 (USD) to the National Development Fund, a $400,000 (USD) investment in real estate for at least five years, or lastly a $1.5M (USD) business investment.

Now, these contributions can be made in the form of cryptocurrency. According to the Antigua Newsroom, the Parliament of Antigua and Barbuda, one would need to pay about 12 Bitcoins for full citizenship.

Antigua and Barbuda’s Prime Minister, Gaston Browne, recognized the benefits and growth potential of cryptocurrency as well as the opportunity to reach cryptocurrency aficionados. It also makes the process more convenient for cryptocurrency investors.

"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,” said Browne. “If you do not accept the cryptocurrency then you would be literally locked out of that market.”

Browne plans to convert the cryptocurrency received via the Citizenship by Investment Programme (CIP) into US dollars on a daily basis to protect investments from the oftentimes unpredictable and volatile cryptocurrency market.

“Moving money is important,” Browne said, “and if you cannot move money you cannot receive it. It is quintessential that we have a payment mechanism that could facilitate payments in cryptocurrencies.”

This decision was also made as a way to protect Antigua and Barbuda’s reputation. The island is vulnerable and susceptible to money laundering and becoming a tax haven. The nature of blockchain and the ability to trace transactions will help Antigua & Barbuda’s reputation.

[Image Credit: Islands.com]