The Government is not supporting Bitcoin mining in T&T at this time, Minister in the Ministry of Finance Brian Manning said yesterday.
Manning confirmed the situation following a query in yesterday’s Senate by Independent Senator Amrita Deonarine. She had cited April statements by the Trade Ministry on reviewing legislative and policy frameworks to understand possibilities for a cryptocurrency sector.
But Manning said, “Cryptocurrencies, Bitcoin being the most popular, are completely bereft of intrinsic value and are highly speculative in nature.
“In fact, Bitcoin has raised financial concerns for governments worldwide and despite its use in some countries for buying goods and services, there are no uniform international laws that regulate Bitcoin.”
He said cryptocurrency is also not supported or backed by Central Banks, nor are crypto deposits insured. The speculative nature of the digital currency also leads to extraordinary price volatility and extreme uncertainty in terms of its asset value and price stability, he added.
“Further, cryptocurrency exchanges are prone to cyberattacks while the cryptocurrencies themselves show evidence of price manipulation. Crypto has also been used to facilitate a host of illegal activities, including money laundering, extortion, illicit drug trading, terrorist financing, and human trafficking,” he said.
Manning said cryptocurrencies have already been banned or restricted either wholly or partially in over 100 countries, including China, India, Columbia, Indonesia, Iran, Iraq, Guyana, Algeria, Egypt and Qatar. “Considering all that’s known about cryptocurrencies and the excessive and wasteful use of taxpayer-subsidised electricity involved in Bitcoin mining, the Government is not supporting Bitcoin mining in T&T at this time,” he said.
Manning said all who approached Government were informed of that.
Hinds on repatriations
National Security Minister Fitzgerald Hinds replied on the reasons for repatriating 35 Venezuelans who may have witnessed the incident involving the death of Venezuelan baby Yaelvis Santoyo Sarabia in February.
Hinds said they contravened the law, as they didn’t possess valid passports or valid and subsisting visas.
An exercise was conducted by the T&T Coast Guard and the Venezuelan Embassy to repatriate them.
Hinds said four occupants of the vessel the baby was on, were interviewed by TTPS officers and TTPS investigation into that incident continues.