Cryptocurrency To Be Used In CIP Transactions
Tuesday 24th July, 2018-In an effort to remain competitive in the Citizenship by Investment Programme internationally, government has amended the CIP Act that will allow for payment in Cryptocurrencies.
The amendment was tabled by Prime Minister Gaston Browne, who is also the Minister of Finance.
Cryptocurrency is a form of digital money that is designed to be secure and, in many cases, anonymous. It is a currency associated with the internet that uses cryptography, the process of converting legible information into an almost uncrackable code to track purchases and transfers.
Prime Minister Browne speaking in Parliament on Monday, said government is aware of the risks involved in transacting business through the use of Cryptocurrency.
A bank account will also be operated by the Citizenship by Investment Unit in Europe to bring ease to those wishing to transact business. Government views this as a process that will be easier, since many banks are now reluctant to conduct CIP business for fear of losing their corresponding backing relationships with US financial institutions.
As with Cryptocurrency transactions, the prime minister stated other currencies will be converted into United States dollars in the shortest possible time.