Industry News
Citizenship Coin: The potential to revolutionise the Citizenship by Investment industry?

Citizenship Coin is a cryptocurrency, specifically developed for utilisation within the Citizenship by Investment (CBI) industry.

 

Citizenship Coin, which uses the same source code as Bitcoin, also works off Blockchain technology. Blockchain technology has enabled the decentralisation of cryptocurrencies, meaning that they are not backed and regulated by a central authority. This decentralisation of trust is compounded by the transparent nature of these cryptocurrencies, which makes all transactions visible through a public ledger. This enables investors to use the cryptocurrency as legal tender for CBI programmes, thereby making the process faster and more efficient.

 

Speaking to Citizenship Shop, Citizenship Coin founder Mr. Balakrishnan Prabhu said “Cryptocurrencies are set revolutionize every industry segment in the future because they are cheaper, faster and solve lot of problems. Citizenship coin is an exciting new technology for the investment migration industry. Looking 10 years into the future, every industry will have its cryptocurrency replacing existing payment technologies. We are starting ICO (Initial Coin Offering) this April to raise money from investors and implement this new payment technology for the CBI industry.”

 

After its implementation, Governments, law firms, global citizenship consultancy firms and real estate developers will be able to accept Citizenship Coin as legal tender for CBI programmes. Citizenship Coin, which is backed by the Euro, will support other major cryptocurrencies, such as Bitcoin, Litecoin and Ethereum.

 

The total number of Citizenship coins to be produced will be limited to 105 million coins. It will be structured similar to Bitcoin, in that supply will be halved every 4 years i.e. 52 million coins released in year 1, 26 million in year 2 and so on.

 

Regarding its potential price, it goes without saying that demand will decide to a large extent determine the price of each coin. Initially, 1 Citizenship Coin will cost €1, however due to the limited supply; one may expect to see the share price rise dramatically, provided it is widely accepted by the aforementioned stakeholders.

 

This is another example of the exciting and rapid development of blockchain technology, and in particular the cryptocurrency market. Overall, the global cryptocurrency market is developing at an exponential rate and is expected to reach a market cap of $1 trillion in 2018.

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