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NMI could be America’s cryptocurrency capital, advocates say

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ADVOCATES see the potential of the CNMI, which they believe can become America’s “cryptocurrency capital,” Crypto Frontier founder Alexander Ugorji and advisor Vin Armani said in a presentation during the Rotary Club of Saipan meeting on Tuesday.

“Cryptocurrencies are the least expensive and most efficient way for people and businesses to instantly send money to anyone else around the world,” they added.

“When I was receiving my master’s degree at Stanford University, in the heart of Silicon Valley, I saw the power of having the most important companies in tech all clustered in one geographic location,” Ugorji said.

“I realized then that the cryptocurrency industry, which was still very new then, would eventually also find such a home. I visited many possible locations, such as Hong Kong, Singapore, and Thailand, but they were all missing something…something that the CNMI has,” he added.

Ugorji said cryptocurrency helps, for example, immigrants and those under 18 to more easily send money and buy things online.

 

Crypto Frontier founder Alexander Ugorji and advisor Vin Armani pose with Rotary Club of Saipan vice president Wendel Posadas, Rotarian Perry Inos Jr., club secretary Irene Holl and president-elect Sean Ficke after a presentation on cryptocurrency, Tuesday. Photo by Junhan B. Todino

His Saipan-based group focuses on making the CNMI a global hub for businesses in the emerging cryptocurrency and blockchain industry.

“CNMI has a chance to become America’s crypto capital,” he added.

In their presentation, Ugorji and Armani said the cryptocurrency industry began with the creation of Bitcoin over a decade ago.

Armani, a longtime technology entrepreneur, said the CNMI’s “unique location, tax benefits, accessible government, and engaged civic leadership, all create an attractive environment for existing and emerging cryptocurrency businesses.”

He added, “In addition to being a business owner, I am also a husband and father. Not only have I moved my business to Saipan, but I have moved my family as well. This has proven to be a great decision and I am excited to be an advocate for more industry leaders to make the same decision I did.”

According to coinmarketcap.com, the total market capitalization of all cryptocurrencies is $350 billion  with $110 billion worth of value moving through the exchange market daily.

Crypto Frontier believes that making the CNMI the hub of the cryptocurrency industry would  bring billions of dollars into the Commonwealth and benefit its people, businesses, and government.

Ugorji and Armani said their mission is to “educate the public about the benefits of blockchain and cryptocurrencies, and to help solve the implementation impasse by concentrating crypto users, entrepreneurs, and business in the Commonwealth of the Northern Mariana Islands.”

“This is the technology that is going to change global finance in the same way that the internet has changed the way that we consume its contents,” Armani said.

For more information, go to cryptofrontier.org

 

 

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