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Gov’t looking into cryptocurrency & tourism to boost economy

- Premier Fahie says territory taking preparatory measures to counter the effects of a possible weakening financial services economy
Premier and Minister of Finance, Hon Andrew A. Fahie (R1) says the Virgin Islands Party (VIP) has been charting a good course for where they want to territory to go, however, with that, he noted that the administration has noticed an attack on the Virgin Islands (VI) financial services sector from an international perspective. Photo: Facebook
'We’ve invested heavily in the tourism industry, we’re also looking at other industries that we’re looking at with the cryptocurrency to see how that can mesh into what we are doing,” Premier Andrew A. Fahie said. Photo: VINO/File
'We’ve invested heavily in the tourism industry, we’re also looking at other industries that we’re looking at with the cryptocurrency to see how that can mesh into what we are doing,” Premier Andrew A. Fahie said. Photo: VINO/File
ROAD TOWN, Tortola, VI – With just over three months at the helm of Government, Premier and Minister of Finance, Hon Andrew A. Fahie (R1) says the Virgin Islands Party (VIP) has been charting a good course for where they want the territory to go, however, with that, he noted that the administration has noticed an attack on the Virgin Islands (VI) financial services sector from an international perspective.

Premier Fahie made the comments during the Tuesday, May 28, 2019, edition of 'Honestly Speaking' on ZBVI 780AM, where he told host Mr Claude O. Skelton-Cline that the administration is looking into tourism as the saving grace if and when the economy starts to feel the effects of a poor performing financial services sector.

‘VI on a good foundation’ – Premier Fahie

“We’ve accomplished a good bit in the three months, with anything they’ll always be the challenges, and I think that we [are] on a good road, setting a good foundation for where we want the territory to go especially in areas like tourism,” Premier Fahie told the listening audience.

Further, he said, “We’re in the process of recalibrating how we operate in the tourism industry because we realise that the financial services industry which has done us well and will continue to do well for us, has been under attack especially internationally.”

Days after taking office following the February 25, 2019, elections victory, Premier Fahie met an international conundrum regarding the decision by the United Kingdom (UK) to have the VI implement Public Registers of Beneficial Ownership.

While the Public Registers of Beneficial Ownership requirement was extended to December 2023 for implementation, Hon Fahie had warned that some in the UK Parliament House of Commons were pushing orders to have the implementation date be reverted to December 2020.

“We always know that some of the effects from those international attacks will be felt more so from the starting of this year… especially heavier into the year 2020,” the Premier told Mr Skelton-Cline and by extension, the listening audience.

Cryptocurrency

He said, “that [industry attacks] was known even before we took office, so we still have to watch it and see for when it comes on… but don’t wait until that happens,” the Premier noted in revealing that the territory is taking preparatory measures to counter the effects.

“So we’ve invested heavily in the tourism industry we’re also looking at other industries that we’re looking at with the cryptocurrency to see how that can mesh into what we are doing and other niche areas that we are looking at including how to train our people to make sure that they are trained and qualified,” he said.

Cryptocurrency such as Bitcoin and Ethereum is a digital currency in which encryption techniques are used to regulate the generation of the currency and verify the transfer of funds, operating independently of a Central Bank.

11 Responses to “Gov’t looking into cryptocurrency & tourism to boost economy”

  • Attack? (30/05/2019, 13:27) Like (5) Dislike (7) Reply
    But BVI Financial Services has been under attack for many years now. What do you think the Tax Information Exchange Agreement ( TIER) were all about? While BVI government had no real interest in persons bank accounts overseas we were anxiously signing "reciprocal "agreements with countries who would later on use the agreement to threaten the BVI industry. And all the cost of providing other countries with information they needed was from BVI pockets. Political parties however thought it was a great campaign strategy to sign more agreements than the other party whilst in power and brag that on the campaign trail. Full circle and it now seems to be something new. Wow!!!
  • fact (30/05/2019, 14:32) Like (8) Dislike (7) Reply
    We trust the VIP with the Financial serviced bottom line
  • overseas (30/05/2019, 14:34) Like (7) Dislike (3) Reply
    Lots of money in that area go for it premier
  • ccc (30/05/2019, 18:33) Like (3) Dislike (3) Reply
    the VIP will, save the Tourism and financial services sectors
  • Lets be careful (30/05/2019, 20:52) Like (3) Dislike (0) Reply
    There is much debate in financial circles as to whether cryptocurrency is genuine or is just a speculative bubble that's about to burst down the line. One such opponent of cryptocurrency is Jamie Dimon CEO of JP Morgan Chase Bank who said "bitcoin is a fraud that will eventually blow up". If we are going to go that route I would suggest we put no more than 10% of the portfolio in such currencies. But there are other securities such as equities and various other funds that may be looked into.
  • clap clap (31/05/2019, 07:12) Like (0) Dislike (1) Reply
    At least the new government has ideas the ndp was brain dead
  • Concerned (31/05/2019, 12:08) Like (1) Dislike (0) Reply
    Dear Premier!
    Focus on the Cryptocurrency is not a bad idea, it is only a very powerful small part of the equation, and we don't have to risk any heavy government investment on any of the currencies in order to maximize revenue from that volatile unpredictable source. Make sure you dont allow anyone to give you bad advice about investing government money in bitcoin transactions. I believe you know where the real focus is, but you may be just playing the fool, at least I hope you are playing the fool as a strategy. The real focus should be on setting up a "BVI Stock Exchange" That's where you will capture optimum proceeds from Bitcoins, all the other cryptocurrencies, IPO's, M&A's and all the other commodities that our IBCs are involved in, in one shot. You are on to the right perspective for the BVI financial Services. Now stop hesitating and get it done. Make sure BV Islanders are in charge. This is what you should fast tracking. Let's see it on the other order Paper and don't forget to include the appropriate BV Islanders.


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