Cryptocurrency in the RCBI industry: increasing the importance of virtual money
April 13, 2021
3 minutes read
Cryptocurrency is not a new phenomenon, but it has the potential to expand the possibilities of the world's immigration system. A number of states are attracting foreign cryptoinvestors by policy easing, including residence permit and citizenship programs by investment.
According to Marco Issever, CEO of America EB5 Visa, LLC in New York, governments do not use cryptocurrency in most cases. Despite this, individual states (Vanuatu, for example) provide opportunities to host crypto-investors. Some countries (Antigua and Barbuda) presumably intend to accept virtual currency for acquiring passports.
Vanuatu, an island state located in the South Pacific, agrees to accept payments in bitcoin. In return, the local authorities provide citizenship valid for 5 years. It is known, that Antigua and Barbuda uses cryptocurrency to pay for citizenship by investment program.
Adoption of its own e-currencies
St. Kitts and Nevis is among the first countries in the Eastern Caribbean to launch its own e-currency- DCash- through the Eastern Caribbean Central Bank (ECCB). DCash is a legal currency and a form of online contribution, available within the Eastern Caribbean Currency Union (ECCU).
The ECCB, with the assistance of Bitt Inc., has created a secure electronic version of the EU dollar. There is an assumption that digital modernization will have a positive impact on the economy. The government also expects St. Kitts and Nevis to be a leader in digital services for local residents and depositors. Akilah Byron-Nisbett, the Minister of Information and Communication Technology, announced this at the Economic Assembly.
In addition, the authorities upgraded their own CBI program, which is among the important sources of profit. This followed the announcement by Prime Minister Timothy Harris of the online application process approval of citizenship by investment.
Many countries are in favour of virtual money. Malta, Singapore, Australia and Turkey are among them. The latter uses the CBI program to provide services to citizens of states that do not have a direct E2 treaty with the U.S. and do not have extensive cryptocurrency application capabilities.
CIPTurkey.net's nominee partner, Aran Hawker, notes that the number of crypto investors, seeking residency or citizenship, is steadily increasing. And Turkey is uniquely positioned to be a crypto-friendly country.
Blockchain technology - a popular trend
According to Aran Hawker, the development of the blockchain (blockchain) model will lead to the replacement of familiar fiat money with cryptocurrency, as this method of completing a transaction is considered more reliable.
A representative of the CoinPanel.com committee said that the creation of software and blockchain technology will help provide smart contracts and make transfers with cryptocurrency. That is, the user will be able to perform all necessary actions from the blockchain in one secure system.
Depositors seek to protect their own funds. Virtual money provides the investor with an independent security check because it is often implemented as a blockchain transaction. However, the true source of funds may be perceived with doubt due to the anonymity of cryptocurrency transfers.
Marco Issever adds that the convenience of converting cash into e-money poses the risk of tax fraud. If state authorities join the process and approve the virtual currency, it could become the new worldwide money transfer network.
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