News

St Kitts Rejects Bitcoin for Citizenship By Investment Programme

By: Caribbean Journal Staff - July 11, 2014

Above: St Kitts (CJ Photo)

By the Caribbean Journal staff

According to Aksjer for Nybegynnere reports, St Kitts and Nevis’ Citizenship by Investment programme does not recognize the software-based currency Bitcoins as a legal investment currency, the government said in a statement issued Thursday.

“The Citizenship by Investment Unit would like to assure the general public that we do not recognize Bitcoins as legal investment currency for financial transactions within our Citizenship by Investment Programme,” the government said. “We further emphasize that we do not accept Bitcoins, have never accepted Bitcoins, and will not accept Bitcoins.”

The country said its programme would only accept applications from “Licensed Authorised Persons (Service Providers),” and “transactions are conducted through internationally recognized banking institutions.”

“These institutions adhere to international financial regulations and only handle traditionally acceptable currencies such as the United Kingdom Pound Sterling, the European Union Euro, the United States US Dollar and the Eastern Caribbean EC Dollar,” the government’s Citizenship By Investment Unit said.

The country’s programme is the oldest in the world, and has been a major reason for its recent boom in mostly tourism-related investment.

The country said it was conducting an investigation into online advertisements allegedly engaging in Bitcoin transactions in association with the programme.

“Any company found to be engaged in this practice in association with our programme will have its license revoked and struck from the register of Authorised Persons,” the government said.

Popular Posts cape santa maria

The Best Caribbean Beach Resort You’ve Never Heard of 

There’s a boat just offshore called “Escape.”  It’s bobbing in some of the most brilliant, dynamic turquoise water I’ve ever seen, a few meters from a stretch of sand so bright and so white you have to squint to look […]


The 10 Best Overwater Bungalows in the Caribbean, From Aruba to Belize

Overwater villas at Caribbean resorts aren’t just a novelty — they’re also among the most luxurious and beautiful accommodations you can stay in. And while all of the bungalows perched above the waves have their charms, some stand out among […]


United Airlines Is Launching New Nonstop Flights to Belize

river in belize

The river lodges. The blue hole. The Maya history. The reefs. If you haven’t been to Belize, you’re missing one of the Caribbean’s most beautiful, adventure-filled destinations.  And now with another new flight, it’s easier to get there than ever […]


Related Posts spice island beach with waves

This Top Caribbean Luxury All-Inclusive Resort Just Reopened 

One of the Caribbean’s most celebrated resorts has officially resumed full operations following Hurricane Beryl, Caribbean Journal has learned . The Spice Island Beach Resort is back open again, after Hurricane Beryl largely spared Grenada but devastated the nearby islands […]


A British Virgin Islands Villa Resort Is on the Market 

bvi villa resort

It’s one of the top villa destinations in the Caribbean — and one of the region’s biggest opportunities.  Indeed, Virgin Gorda in the British Virgin Islands has one of the more impressive stocks of villas on the market anywhere in the […]


Jamaica: “No Major Tourism Fallout” From Hurricane 

jamaica montego bay

Jamaica has had “no major tourism fallout” from the passage of Hurricane Beryl, according to Tourism Minister Edmund Bartlett, with its top tourism destinations on the north coast, from Montego Bay to Ocho Rios and Negril, spared significant damage. “While […]


SUBSCRIBE!

Sign up for Caribbean Journal's free newsletter for a daily dose of beaches, hotels, rum and the best Caribbean travel information on the net.


No. Thank You