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The small island state of Antigua and Barbuda has passed an amendment to the law that citizenship can be bought in the future with Bitcoin and other crypto currencies. Currently, just under 12 Bitcoin are needed to meet the amount of almost 100,000 dollars.

The parliament of Antigua and Barbuda has changed the citizenship of the country through an investment program (CIP) so that payments in the form of crypto currencies are possible. This change was also initiated to offer alternative CIP payments in the form of fiat currencies other than USD.

The Prime Minister and Minister of Finance of Anigua and Barbuda, Gaston Browne, stated (freely translated):

So not only do we provide solvency in euros, but we also enable payments with Bitcoin and other crypto currencies. We know that we have to be careful. Being able to move and receive money is very important, so we have to be able to accept crypto currencies.

In order to become a citizen of the country, a sum of money of 100,000 dollars must be brought forward. This amount goes directly into the National Development Fund (NDF), which is supposed to promote the development of the small island state. According to Browne, there are a number of crypto investors who would like to take citizenship, but are only willing to pay with crypto currencies and not with dollars.

Browne clearly emphasized that he would exclude these interested parties from the market and that this step is logical in order to keep up with the trend of the time:

If you do not accept crypto currencies, then you would literally be excluded from this market.

In October last year, the country’s parliament reduced the price of citizenship by $100,000 through its National Development Fund (NDF). At that time, the government of Antigua and Barbuda argued that their citizenship through the investment program would not compete with the proposals of neighboring countries.

According to Browne, the instel state could earn more than $50 million a month in the next two months through this small program change. The time to come will show whether the acceptance will actually be so great.

Bitcoin’s price has been moving sideways for the last 24 hours and is at $8,174.52 at the time of writing, so it would currently take 12.23 Bitcoin to gain citizenship.

About Antigua and Barbuda

The islands of Antigua and Barbuda (formerly Dulcina) form an independent island state within the Commonwealth. They lie between the North Atlantic and the Caribbean, southeast of Puerto Rico. Antigua, one of the islands above the wind, was successively Spanish, French and British colony. The still strong British influence is reflected, among other things, in the Antiguan’s preference for cricket.

The capital Saint John’s, located in the northwest of the island Antigua at a narrowness of the Caribbean Sea, is an export center for sugar, rum and cotton as well as for the production of arts and crafts, fiber products, pottery and textiles. The city is also interesting for tourism.

Climate

The climate of Antigua and Barbuda is tropical. The average monthly temperature ranges from 22°C (December to February) to 30°C (June to September). With an average annual precipitation of 900 to 1000 mm it is relatively dry for Caribbean conditions. Most precipitation occurs between September and November. In summer (July to October) there is a risk of tropical cyclones.

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