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Bitcoin ATMs go live in Antigua and Barbuda

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“I want to see at least three thousand Antiguans become millionaires within the next 50 years,” proclaims CEO of SSID Financial Ltd, Dr Hugh Jarvis.

This is the vision Dr Jarvis has for Antigua and Barbuda when it comes to the potential of cryptocurrency and the technology behind it. It is an audacious claim – a goal that can be shrugged off as unrealistic and unattainable.

Yet, on Monday 15th March 2021 and Friday 19th March 2021, Antigua’s first Bitcoin ATMs went live at each of the two SSID Financial Ltd locations last week.

The first one to go live was on the Sir Sydney Walling Highway at the Khouly Business Complex. The second went live on Friday at the SSID location in Jolly Harbour.

This installation of Bitcoin ATMs adds to the growing interest among several Antiguans and Barbudans in digital currencies and crypto-assets.

On 8th August 2020, Hemmingways Restaurant in St. John’s became the first restaurant in Antigua to accept Bitcoin Cash. Since then approximately fifty places of businesses across the island display the sticker that says “Bitcoin Cash (BCH) accepted here.”

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Bitcoin vs Bitcoin Cash

The new Bitcoin ATMs allow you to purchase and redeem both Bitcoin and Bitcoin Cash. What’s the difference? Bitcoin, the first and original cryptocurrency, is best used as a long-term investment. Bitcoin Cash, on the other hand, while it can be also used as an investment, is more geared for day-to-day transactions at restaurants and small businesses. Compared to the regular EC dollar or the US dollar, which is called fiat currency, cryptocurrencies act as assets where they can increase (or decrease) in value over time.

At the time of writing this article, one Bitcoin is valued at USD$56,197.86. Hypothetically speaking, if you had bought a Bitcoin at when it was valued at USD$100, you would have a strong investment on your hands. Bitcoin Cash currently stands at USD$516.95 so it’s more attainable than Bitcoin. However, it is key to note that you can purchase fractions of Bitcoin or Bitcoin Cash. That is what the new Bitcoin ATMs or BATMs allow you to do. You can purchase as little or as much Bitcoin or Bitcoin Cash up to a USD$900 limit in one day. This allows you to invest as little or as much as you feel comfortable doing.

Antigua light years ahead of the rest of the OECS

The BATMs going live signals a stepping up of the cryptocurrency game in Antigua and Barbuda. Prior to the BATM installation in the country, residents who wanted to exchange their Bitcoin or Bitcoin Cash for fiat currency would have to do so overseas. With the BATMs now on the island, cryptocurrency holders do not have to wait to go to London to get cash from their cryptocurrency investments. Instead, it may be persons within the region coming to Antigua and Barbuda to cash in their crypto investments.

Of all the OECS countries, Antigua and Barbuda has made the greatest strides in the cryptocurrency world. This is due to a government that is open and friendly towards major players in the cryptocurrency space. In not enforcing too many restrictions and regulations on cryptocurrencies, it allows us as a people and a nation to explore this new area of investment.

What you need to get started with Bitcoin ATMs

The BATMs at both SSID Financial Ltd branches differ slightly; however, they follow the same basic process. You would first need to download the “Bitcoin.com Wallet” app on your Android or iOS phone and follow the onscreen instructions to set up and backup your account. At the SSID Financial Ltd branch, you pay XCD$2 at the front desk to conduct the transaction. Then you follow the instructions on the BATM screen to insert multiples of USD$20 bills into the machine. You will verify your transaction with a code sent to your mobile phone and once the transaction has gone through, you will be alerted on the “Bitcoin.com Wallet” app.

In less than ten minutes you can begin your journey into cryptocurrency investment.

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REQUEST FOR EXPRESSIONS OF INTEREST

(CONSULTING SERVICES – INDIVIDUAL SELECTION)

 

OECS MSME Guarantee Facility Project

Loan No.: IDA-62670, IDA-62660, IDA-62640, IBRD-88830, IDA-62650

Assignment Title: Senior Operating Officer (SOO)

Reference No. KN-ECPCGC-207852-CS-INDV

 

The Governments of Antigua and Barbuda, Commonwealth of Dominica, Grenada, St. Lucia and St. Vincent and the Grenadines have received financing in the amount of US$10 million equivalent from the World Bank towards the cost of establishing a partial credit guarantee scheme, and they intend to apply part of the proceeds to payments for goods, and consulting services to be procured under this project. 

The consultant will serve as the “Senior Operating Officer (SOO)” for the ECPCGC and should possess extensive knowledge of MSME lending with some direct experience lending to Micro, small and medium-sized businesses, knowledge of the internal control processes necessary for a lending operation and the ability to design and implement risk mitigation procedures. The ideal candidate should possess an Undergraduate Degree from a reputable college or university, preferably in Business, Accounting, Banking or related field, with a minimum of 5 years’ experience in lending, inclusive of MSME lending. The initial employment period will be for two years on a contractual basis. Renewal of the contract will be subject to a performance evaluation at the end of the contractual period. The assignment is expected to begin on September 30th, 2021.  The consultant will report directly to the Chief Executive Officer of the ECPCGC.

The detailed Terms of Reference (TOR) for the assignment can be viewed by following the attached link below. 

 

https://bit.ly/3iVannm

 

The Eastern Caribbean Partial Credit Guarantee Corporation (ECPCGC) now invites eligible “Consultants” to indicate their interest in providing the Services. Interested Consultants should provide information demonstrating that they have:

  • An Undergraduate Degree from a reputable college or university, preferably in Business, Finance, Banking or related field; and
  • Minimum of 5 years’ experience in MSME lending. Applicants should also have:
  • The ability to design and implement risk management procedures 
  • Extensive knowledge of MSME lending with some direct experience lending to small and medium-sized businesses
  • Extensive knowledge of MSME banking operations
  • Knowledge of the internal controls necessary for a lending operation and the ability to design and implement risk management procedures
  • Experience developing and presenting information in public, including responding to questions in real-time
  • Experience lending to MSMEs located in the ECCU
  • Knowledge of marketing and communicating with the MSME sector
  • Ability to draft procedures to be used in a lending operation
  • Familiarity with the mechanics of a loan guarantee program
  • Exceptional written, oral, interpersonal, and presentation skills, and
  • Proficiency in the use of Microsoft Office suite.

The attention of interested Individual Consultants is drawn to Section III, Paragraphs 3.14, 3.16, and 3.17 of the World Bank’s Procurement Regulations for IPF Borrowers July 2016, [revised November 2017] (“Procurement Regulations”), setting forth the World Bank’s policy on conflict of interest. A Consultant will be selected in accordance with the Approved Selection Method for Individual Consultants set out in the clause 7.34 of the World Bank Procurement Regulations for IPF Borrowers. 

 

Further information can be obtained at the address below during office hours 0800 to 1700 hours:

Eastern Caribbean Partial Credit Guarantee Corporation

Brid Rock, Basseterre,

St. Kitts.

Expressions of interest must be delivered in a written form by e-mail by August 11th, 2021, to [email protected]

 

For further information, please contact:

Carmen Gomez-Trigg                                                            Bernard Thomas

Chief Executive Officer                                                          Chief Financial Officer

Tel: 868-620-8144                                                                  Tel: 869-765-2385

Email: [email protected]                                          [email protected]