Antigua and Barbuda is drafting a bill to apply Bitcoin, according to media reports

Golden Finance News - Antigua and Barbuda is located in the northern part of the Lesser Antilles in the Caribbean Sea and is a member of the Commonwealth.

Attorney General Steadroy Benjamin is drafting a law to apply Bitcoin. Image source: Golden Finance

According to local media reports, the government of Antigua and Barbuda is drafting a bill “aimed at applying Bitcoin.” The Antigua Observer reports that the cabinet has asked Attorney General Steadroy Benjamin to “draft a law that applies Bitcoin.”

The drafting of this resolution is said to be related to online gambling magnate Calvin Ayre and Craig Wright, who claims to be the "founder of Bitcoin."

According to local media reports, on Wednesday following a cabinet meeting, the Antigua Leisure and Gaming Association added that it was discussing bitcoin as “a new form of exchange for goods and services.”

Antigua and Barbuda relies on tourism to drive economic development. Image source: Golden Finance

At Thursday's post-Cabinet briefing, Trade and Consumer Affairs Minister EP Chet Greene said:

"In Antigua and Barbuda, we understand that we are always front and centre of new developments; we are the leaders and trend setters in the Caribbean."

He then went on to explain the country’s interest in Bitcoin:

“This new currency (Bitcoin) is immutable; you can always make and track transactions, so it brings better liquidity in a country where tax evasion is rampant.”

Antigua and Barbuda relies on tourism to drive its economy. There are several casinos on the island and the Internet gaming industry is booming.

Greene also stated: “The adoption of this currency will benefit the development of the Internet gaming industry in Antigua and Barbuda and will also alleviate the current needs.”

—The influence of Craig Wright and Calvin Ayre

Craig Wright is building a large Bitcoin and blockchain patent portfolio. Image source: Golden Finance

Last June, the media reported that Craig Wright, the self-proclaimed "Bitcoin creator," has been building a large portfolio of Bitcoin and blockchain patents. He has applied for 50 patents in the UK through an Antigua-registered company, EITC Holdings Ltd. EITC Holdings was originally called Ncrypt and was renamed Nchain after being acquired by Sicav plc.

The Antigua Observer wrote in the article that the price of Bitcoin "has increased many times since it was patented," which is completely wrong. Bitcoin is an open source code that uses the permissive software license of The MIT License, so Bitcoin cannot be patented.

Not only that, a document revealed by the media shows that as early as 2015, Wright "planned to propose to the Antiguan government to accept Bitcoin as an official currency."

In his proposal, he said: "Bitcoin is not just a currency. It is also the new framework of the Internet industry and the new foundation of commerce."

Behind Wright is Calvin Ayre, a wealthy Canadian entrepreneur who currently lives in Antigua and has been sued by the U.S. government for operating an illegal online gambling business, although he denies it. Last October, he began building a $25 million call center in Antigua, saying it was "part of his blueprint for Bitcoin and online gaming."

The government is preparing to draft laws involving Bitcoin, and Greene is encouraging the public to learn more about cryptocurrencies online, according to media reports.