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Antigua and Barbuda Seeking Bitcoin Implementation with Newly Drafted Laws

Most countries have for the recent times formulated regulations concerning casino operations like BETDNA because of the casino’s success of getting around regulations. The latest country to consider the drafting of laws to implement bitcoin is Antigua and Barbuda. A decision which is believed to have been influenced by the gambling tycoon, Calvin Ayre, and the self-proclaimed bitcoin creator, Craig Wright.

Steadroy Benjamin, the Attorney General for the twin island country has been instructed by the cabinet to draft the law for the implementation of bitcoin according to the Antigua observer. Antigua and Barbuda is a commonwealth nation which is found in the Caribbean Sea, the east of Puerto Rico.

The cabinet met with a group which is connected with the Antigua Leisure and Gaming Association on Wednesday. The decision to implement the bitcoin law came known to the public after that meeting. The report added that bitcoin was a major topic under discussion: “a new method of transacting the sale of goods and services.”

EP Chet Greene, Minister of Trade and Consumer Affairs, at the post cabinet briefed on Thursday that “Here in Antigua & Barbuda we know we are always very much front and center of new developments; we are leaders and trendsetters in the Caribbean.”

Honorable Greene explained the countries interest in bitcoin to the general public: “This new currency [bitcoin] is immutable; you can always go and trace transactions, so in the context of allegations of our country being involved in tax havens, it allows for better traceability.”

Antigua and Barbuda is not economically significant in the world, and few casino games and growing internet gaming industry can be boasted. The Antigua observer quoted the Minister of Trade and Consumer Affair as “the currency benefits us in Antigua and Barbuda in respect to our gaming sector. It will allow us a jurisdiction in respect to questions that would be asked of us in the global environment.”

The boutique investment bank Magister Advisors revealed in a survey that, financial organizations were expected to spend over $1 billion on the project linked to the Blockchain.

The blockchain is a database accessed by the public through by-passes money-based payments. This is done by the digital recording of all transactions. The core of bitcoin and other cryptocurrencies are formed by the Blockchain.

EITC Holdings was originally known as Ncrypt and was later rebranded as nChain Sicav plc after it was acquired. The nChain is a group of companies with over 60 scientific researchers, engineers and other professionals based In Canada and Europe.

A company promised to provide nChain the ability to continue in its research and development of distributed ledger technology.

“While learning about the suite of nChain’s capabilities through the acquisition, it became clear to me that we are in a new era of the digital age following the creation of the personal computer and the internet,” the Director of nChain Holdings Limited, Arthur Davis stated in the announcement press release. “This changes everything leading us into what we at nChain call the ‘Internet of Transactions.’”

The value of bitcoin has been positive lately as noted by reports in Antigua: “the price of bitcoin has increased in value several times since it was patented.” Bitcoin uses MIT license for free software and it’s also an open source. As a result of these two reasons, it cannot be patented.

Craig Wright, according to a document reviewed by reporters, in 2015 had a plan to make a proposal to the Antigua government to officially adopt bitcoin as a currency. In his proposal, he wrote that “Bitcoin is not just a currency.[…] It’s a new backbone and commercial foundation for the internet.”

Wright sparked some controversies as media identified him as the mysterious Satoshi Nakamoto, the creator of bitcoin.

Wright, however, failed to prove to the skeptical bitcoin community that he was the Satoshi Nakamoto. He failed to fulfil his promise of providing further proofs, by saying he lack the courage to put years of “anonymity and hiding behind” him.

Calvin Ayre, a wealthy entrepreneur from Canada who lives in Antigua and Barbuda is backing Craig Wright.

The US recently indicted Ayre for running an illegal online gambling operation, even though he denied. He started constructing $25 million call center in Antigua in October telling reporters that it was part of his vision for bitcoin and online gaming. He said in a report that “I see a growing convergence of Bitcoin, online gaming, virtual reality and gamification technologies, and progressive countries like Antigua are poised to take advantage of this convergence by developing a truly global services industry.”

As the government is planning on drafting the laws concerning bitcoin, Greene is urging the public to learn more about it online.

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