The Virgin Islands will not be left out of the cryptocurrency evolution as Premier Minister for Finance Dr. the Hon. D. Orlando Smith announced that his government is considering the emerging sector.
The Territory is under enormous pressure to quickly diversify its economy, and while many options are on the table it has been noted that the BVI like many other countries in the world is eyeing the popular financial technology market. The BVI lost the golden opportunity of e-commerce at the beginning of the new millennium and now everyone can see how silly that was.
Details of the plans about cryptocurrency are scant, so there is little information on how big the Territory’s in the digital finance industry will be. However, Hon. Smith did mention during a press conference on 31 May that actions will be taken in this direction in coming weeks.
In fact the Premier told reporters that he was looking forward to discuss digital finance during his Asia trip, and make a move when he gets back to the Territory. “Crypto, FinTech in fact we will be putting a committee together very shortly to look more closely at that when I return.”
Hon. Smith said: “My delegation and I then travel to Singapore meeting senior Government Officials as well as hosting a round table which among other things will discuss the latest developments in FinTech and its potential role as an opportunity for the BVI’s business and financial services industry.”
The Territory’s interest in FinTech is a natural progression considering this industry is financial services based and the Virgin Islands is a leading international financial services jurisdiction. The timing is also convenient as the BVI pushes to expand and diversify its current offering. Even the United Kingdom has made moves along the Fintech highway, as well as a number of other countries.