Thursday 9 April, 2020

St Kitts & Nevis Virtual Assets Bill to facilitate cashless society

St Kitts & Nevis Prime Minister and Minister of Finance, Dr Timothy Harris

St Kitts & Nevis Prime Minister and Minister of Finance, Dr Timothy Harris

St Kitts and Nevis has passed a Virtual Assets Bill which according to Prime Minister and Minister of Finance Dr Timothy Harris, will allow the Federation to play a more responsible role in the global marketplace.

PM Harris said this bill allows his country to keep up innovations within the financial industry while securing a safer and brighter future for the people.

He said “the global community has been inundated with the effects of financial innovation which have compelled some countries to make changes to their financial landscape. Such innovation has resulted in the introduction of new technologies, services and products as alternative means of conducting business within the financial services sector. These innovations and the result in changes in the financial landscape transcend national and regional borders and have assumed significance and prominence of a global magnitude.”

Prime Minister Harris said the Virtual Assets Bill is significant as it represents part of a long-term plan of the Team Unity Administration to lead St Kitts and Nevis into modernity and to refurbish its reputation as a responsible member of the international community.

He said it will also facilitate the ease of doing business in a cashless society.

He gave the assurance that the Unity government would ensure that a legislative framework is properly in place to facilitate engagement in this evolving industry.

“Whether it was Blockchain, Bitcoin or Crypto assets or virtual assets, the commonality is the use of financial technology to swiftly transfer value around the world and expedite the advent of what the governor of our central bank has been describing as the cashless society,” he said.

The Virtual Assets Bill 2020 was passed on Thursday.

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