A review of the legislative and policy framework to determine the potential of Trinidad and Tobago’s crypto sector is underway, but there is currently no government policy on cryptocurrencies.
The clarification comes from the Ministry of Trade and Industry, following the announcement by the ANSA McAL Group on Trinimin, a Bitcoin mining farm proposed at Tamana Intec Park.
The ministry has acknowledged that there are several proposed cryptocurrency mining projects currently under consideration by the government, but these are in the investigation stage and involve several stakeholders.
The ministry said cryptocurrencies (digital financial assets) and crypto mining have grown over the last decade, but there are concerns about their operations.
Among these concerns is the use of digital distribution ledgers for the purposes of the sovereign platform, which is different from the regulated intermediate centralized authority.
The ministry has revealed that the current review will enable the development of appropriate regulations and processes related to crypto mining.
“The government will continue to pay attention to the interests of this area and work with all stakeholders to make the best decisions to ensure transparency, asset protection and mutual benefit for all citizens,” the ministry said. I concluded.