FINANCE Minister K Peter Turnquest.
By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
THE DEPUTY Prime Minister yesterday said the government aims to prevent “disastrous situations” by imposing proper regulation for cryptocurrency assets and related instruments.
“The whole issue around crypto currencies and assets is a very dynamic and moving initiative,” said K Peter Turnquest. “There is legislation being drafted through the Securities Commission, and we hope to have the first draft for public consultation very shortly, once it’s been presented to Cabinet and approved. Hopefully we will have the framework around that in short order.”
He added that cryptocurrency exchanges and companies operating within this space have expressed interest in setting up operations in The Bahamas, and said: “We want to make sure we have the right regulatory environment set so we don’t end up with disastrous situations where we have shysters or con men taking advantage of a lax regulatory environment.
“We’re putting in place the legislation and regulatory rules as much as it applies to ensure that we protect the reputation of The Bahamas.”
The Central Bank of The Bahamas, responding to a rash of companies promoting initial coin offerings (ICOs) and crypto/blockchain solutions, last year moved to warn Bahamians of the risk involved in investing in a still-evolving industry.
“The Central Bank of The Bahamas wishes to advise the public that no licence has been granted to cryptocurrency operators by the bank or any other financial regulator to offer digital currency, or to provide such services such as cryptocurrency exchanges, crypto loans or crypto and fiat processing in or from within The Bahamas,” the Central Bank warned.
“Persons investing in such products and services do so at their own risk.” The Central Bank added that crypto/digital currencies were not legal tender in The Bahamas, are not issued or backed by it, and are not legal foreign currency either.
“The Central Bank does not regulate or supervise virtual currencies, nor has the bank authorised any entity to operate a virtual currency platform,” the Central Bank reiterated. “The public is further advised to seek professional advice with respect to matters regarding savings and investments from legitimate and licensed financial institutions.”
Comments
Future 5 years, 7 months ago
JACKASS!!! Crypto currency is a pyramid scheme, and like ALL pyramid schemes, those at the bottom ALWAYS lose. What are you going to do? Repay the bottom people from the public treasury? You trying to play like you so smart and up to date with new technology, hey? Look how yinna ain't even up to date with old technology. You up there runnin' ya BEEG MOUT bout crypto currency and you have absolutely no idea what it is and how it works. UNLESS...YOU PLAN TO BE THE MAJOR BENEFACTOR FROM THE SWINDLE.
BahamasForBahamians 5 years, 7 months ago
This guy is a moron... Cryptocurrencies cannot be regulated.
They are ponzi schemes as this guy alludes.
ThisIsOurs 5 years, 7 months ago
Yep Ponzi is correct. American Greed recently featured a Brazilian MLM "TelexFree". Apparently as the pyramid grew lower income Brazilians in the US were bringing in duffel bags of money to purchase digital "credits". The "credits" became such a valuable commodity the administrators started creating fake "credits" and placing them into their collaborators' accounts so they could exchange credits for cash. It was almost surreal how closely this thing sounded to thd cyptocurrency craze. These people BELIEVED in the value of these credits giving thousands of dollars fir them, elevating the founders to rock star status, HUGE conferences held around how to join up and get rich. Uncanny
ohdrap4 5 years, 7 months ago
CLICO WAS SUCH A PONZI SCHEME
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