While a review of legislative and policy frameworks to determine the possibilities of a cryptocurrency sector in Trinidad and Tobago is underway, there is currently no government policy on cryptomining.
The clarification comes from the Ministry of Commerce and Industry, following an announcement by ANSA McAL Group on its proposed Bitcoin mining farm, Trinimine, at Tamana InTech Park.
The ministry admitted that some cryptocurrency mining projects are currently under consideration by the government, but these are at the investigation stage, with several stakeholders involved.
The ministry said that while cryptocurrencies (digital financial assets) and cryptomining have increased over the past decade, there are concerns about its operations.
Among these concerns is the use of a distributive digital ledger for the purposes of a sovereign platform, distinct from a centralized regulated and intermediary authority.
The ministry has made it clear that its current review will help shape the appropriate regulations and processes related to cryptomining.
“The government will continue to pay attention to interests in this area and work in tandem with all stakeholders to make the best decision to ensure transparency, asset protection and mutual benefits for all citizens,” concluded the Ministry.