Dominica to take dip into virtual currency world by hosting Bitdrop
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Dominica to take dip into virtual currency world by hosting Bitdrop

By TDN Wire Staff
September 06, 2014 9:30 A.M



ira miller
Coinapault executive Ira Miller.
Roseau, Dominica (TDN) Dominica is poised to take a dip into the virtual currency world with the news that a handful of Bitcoin businesses and interest groups together with the government of Dominica are planning to launch “Bit Drop.”

The event planned for March 14, 2015 will witness thousands of Dominican residents with SMS capable devices receiving up to $10 worth of bitcoins. If they ae interested in being a part they will have the opportunity to make use of the bitcoins or to even exchange them for cash at local ATM’s. Several bitcoin parties will also be organized to commemorate the event. Organizers say this will be the “world’s largest and highest-density Bitcoin community.”

Minister of the Environment in the Dominica Labor Party (DLP) government Dr Kenneth Darroux appears to be leading the official charge after he was photographed with one of the key organizer’s of the event Ira Miller of Coinapault. He has however declined further comment on the event only saying that he will respond at the appropriate time.

Key organizers’ behind the “Bit Drop” include Bitcoin wallet service provider Coinapult, Dominica insurance firm Aspen Assurance, nonprofit organization College Cryptocurrency Network and the Bitcoin Beauties network.

Bitcoin was envisioned in a 2008 paper by Satoshi Nakamoto, and launched in 2010. In essence it is a peer-to-peer electronic cash system that can be transferred through a computer or smartphone without an intermediate financial institution.

Since its launch, its value has fluctuated widely from less than $5 to over $1 250 and economists and governments across the world have been keeping a wary eye over its evolution.

The United States Internal Revenue Service (IRS) has taken the unusual step to classify Bitcoins not as currency but as property. It has however been growing in popularity in Latin America.

Dominica however becomes the first government to give official backing to a currency that is still under serious scrutiny from regulators across the globe.

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