By Sue-Ann Wayow
THERE is no law that could prevent persons from investing in cryptocurrency, bitcoin mining or other virtual assets in Trinidad and Tobago.
However, a law should be put in place to either regulate or ban the use of such assets.
This is according to Independent Senator Amrita Deonarine while speaking in Senate on Thursday on a motion raised by her.
She said, “The bottom line is, if you want to have it in the country, you need to manage it and regulate it. If you don’t want to have it, then you need to pass legislation restricting it or banning it. Saying that you do not support bitcoin mining and cryptocurrency is not sufficient.”
Two weeks ago in the Senate, Deonarine inquired about a media report that a bitcoin-mining farm had been proposed by companies at the Tamana InTech Park at a total investment of US$ .5 billion proposed by three companies including one in the Ansa McAl Group of Companies.
Minister in the Ministry of Finance Brian Manning had responded that Government was not supporting Bitcoin mining at this time.
On Thursday, she said that bitcoin mining has large energy or electricity demands with a huge energy footprint and such investment could have powered up to 60,000 homes.
Deonarine said, “This matter today questions the justification on Government’s policy position and seek to understand how the Government tends to cement its policy position of not supporting bitcoin mining in legislation.”
Manning emphasised that Government will not support the acquisition of virtual assets at this time.
He mentioned that there was a Regulatory Sandbox in place by which investors can test innovative products before they become public.
