The Ministry of Trade and Industry yesterday confirmed that it is in the process of reviewing this country’s legislative and policy frameworks to understand the possibilities for a cryptocurrency sector in T&T.

The Trade Ministry said it is working with the relevant stakeholder ministries and other bodies during this process.

As it stands there is no policy position on cryptomining at this time in T&T, the ministry stated in a release yesterday.

The Trade Ministry said however that the ongoing review would allow for the appropriate regulations and processes related to cryptomining being developed.

This announcement comes on the heels of Guardian Media reports that conglomerate ANSA McAL, Holland-based Bitfury, and Europe’s largest digital asset firm Coinshares International are proposing a bitcoin-mining farm at the Tamana InTech Park.

The bitcoin-mining farm project, called Trinimine, is a proposed data centre with a maximum capacity of 300 MW and a total investment of US$ 0.5 billion.

The plan is to build the facility in a phased basis beginning with a 70 MW facility with an investment of US$100 million.

“The Ministry wishes to advise that there are some proposed cryptocurrency mining projects currently under consideration by the Government of the Republic of T&T. These are all at an enquiry stage and several stakeholders are involved in the deliberations,” the release stated.

The ministry stated that cryptocurrencies, which are digital financial assets, and cryptomining have grown over the last decade.

“The Ministry notes the concerns with these operations, particularly the utilisation of a digital distributive ledger for the purpose of a sovereign platform, distinctive from a regulated and intermediate centralised authority,” it stated.

“The Government will continue to give attention to interests in this area and work in tandem with all stakeholders to make the best decision to ensure transparency, protection of assets and mutual benefit to all citizens,” the release stated.

Among the issues being discussed to get the project off the ground is a power purchase agreement.