Whereas a assessment of the legislative and coverage frameworks to find out the chances for a cryptocurrency sector in Trinidad and Tobago is underway, there’s at the moment no Authorities coverage on cryptomining.
The clarification comes from the Ministry of Commerce and Trade, following an announcement by the ANSA McAL Group on its proposed Bitcoin-mining farm, Trinimine, on the Tamana InTech Park.
The Ministry admitted that there are some proposed cryptocurrency mining tasks at the moment into consideration by the Authorities, however these are on the inquiry stage, with a number of stakeholders concerned.
The Ministry stated that whereas cryptocurrencies (digital monetary belongings) and cryptomining have grown over the past decade, there are considerations with its operations.
Amongst these considerations is the utilisation of a digital distributive ledger for the aim of a sovereign platform, distinctive from a regulated and intermediate centralised authority.
The Ministry made it clear that its present assessment will enable for the suitable laws and processes associated to cryptomining to be developed.
“The Authorities will proceed to offer consideration to pursuits on this space and work in tandem with all stakeholders to make one of the best determination to make sure transparency, safety of belongings and mutual profit to all residents,” the Ministry concluded.