The cryptocurrency market is witnessing a significant recovery as it passes the $2.5 trillion mark and continues its upward trajectory. Despite its divisiveness amongst experts, the industry’s value has become too significant to ignore, and cryptocurrency may be one of the greatest assets to have. Global investors have begun to acknowledge the benefits of cryptocurrency, particularly for unlocking greater financial freedom, and there is one country proving to be popular.
The dual-island nation of St Kitts and Nevis has quickly become a leading nation in the Caribbean region for crypto-literate banking. The islands have welcomed the digital asset with open arms, implementing legislation to make crypto transactions easier under its Virtual Asset Bill 2020. Additionally, St Kitts and Nevis has piloted its own digital currency known as DCash under the Eastern Caribbean Currency Union, further highlighting its crypto-friendly approach.
The rising demand for cryptocurrency has led to the asset being adopted by businesses and governments in recent years. Companies like PayPal to Twitter have embraced the virtual currency into operations and El Salvador has become the first country to make Bitcoin its national currency. However, with more sectors adopting the currency, many remain sceptical, as evidenced in China’s recent decision to ban all cryptocurrency transactions.
But China isn’t the only country to act against crypto. Nigeria’s Central Bank also banned the digital asset but that hasn’t stopped the country’s thirst for it. With a weakening currency and political instability, Nigerians are using cryptocurrency to financially protect themselves. In fact, data shows that the country has the highest rate of crypto adoption in the world. Nigeria also happens to have one of the fastest growing economies on the continent, and as more people build wealth it only makes sense that they will also turn to cryptocurrency to preserve it.
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The advantages of cryptocurrency cannot be denied as it allows for secure and private transactions and an easy transfer of funds. Many also hail it as one of the greatest assets to have in today’s climate, particularly for business people who may want to reach more customers globally.
Aside from its attitudes towards cryptocurrency, which remains an attractive incentive for a growing demographic of crypto millionaires, St Kitts and Nevis also offers investors a trusted route to second citizenship – another valuable asset in a constantly evolving world.
Under its Citizenship by Investment (CBI) Programme, investors can contribute towards a government fund in exchange for citizenship, granted that they pass its multi-tiered vetting system. St Kitts and Nevis operates the longest-standing CBI programme globally. It is recognised as a Platinum Standard brand and hailed internationally as the world’s best by the annual CBI Index.
The islands have been welcoming a growing population of wealthy Nigerian business people and entrepreneurs who are looking globally for astute investments to add to their portfolio.
“Those who invest will be investing in a jurisdiction where the investment is safe, where they can earn profits, and they can […] create their profits,” said Prime Minister Timothy Harris in a webinar in collaboration with CS Global Partners.
Citizenship of St Kitts and Nevis comes with increased global mobility to nearly 160 countries and territories, the right to live, work and study in the nation and the ability to pass citizenship down through descent. Most importantly, it offers a second home in a stable democracy with access to quality healthcare and education opportunities – an invaluable advantage especially in the post-COVID era.
For Nigerians eager to position themselves globally and expand beyond their horizons, combining both a second citizenship and crypto assets can be vital tools to have in your arsenal.
