Anguilla, a small British overseas territory in the Caribbean, has experienced a significant economic transformation due to the rise of AI. Apart from tourism, the island earns considerable revenues from the registration of its country-code internet domain, “.ai,” according to Forbes.

Also Read: Digital and AI transformations unlock success through a domain-based strategy

The .ai domain belonging to Anguilla, like the .jp domain of Japan, and .fr domain of France, has been registering phenomenal growth rate, due to the rise of artificial intelligence (AI).

“They (AI) have also generated an unusual boom in Anguilla, a British overseas territory and member of the Eastern Caribbean Currency Union, whose .ai country-code internet domain has become a favourite among technology companies across the world. “

IMF

Anguilla Capitalizing on .ai Domain Boom

From a financial perspective, the .ai domain boom has positively impacted Anguilla’s economy. Domain registrations have generated EC$87 million (approximately $32 million) and account for over 20% of the government’s revenue as of 2023.

Also Read: Apple Acquires iWork.ai Domain, Signals AI Integration in iWork Suite

This represents a significant increase over the previous year, where it accounted for only about 5% of the government’s total income. Historically, Anguilla’s economy depends on tourism, which constitutes 37% of its GDP. However, the surge in .ai domain sales could play an important role in diversifying the Island’s economy.

IMF Highlights AI Domain’s Fiscal Impact

According to the IMF, this new revenue stream is crucial for achieving financial sustainability and fostering economic growth.

In response to this financial windfall, Anguilla’s authorities have committed to a prudent fiscal strategy; paying down debt and prioritizing capital expenditure. Analysts believe that the injection of funds from .ai domain registrations can benefit key infrastructural projects on the Island.

The government also plans to invest these revenues in long-term sustainable projects in areas like renewable energy.

Anguilla's .ai domain registrations surged from 144,000 in 2022 to 354,000 in 2023, generating over 20% of the government's total revenue for the year. Find out in our Country Focus how this helps diversify the economy, making it more resilient to shocks. https://t.co/ULk3V6oVyb pic.twitter.com/qgMdCa4aYo

— IMF (@IMFNews) May 24, 2024

Anguilla isn’t the first island to benefit from its two-letter domain; the island of Tuvalu had benefitted from its .tv domain. While Tuvalu has long worked with commercial partners such as Verisign and GoDaddy to license the .tv domain, Anguilla is handling registrations by itself. 

Anguilla to Become Regional Tech Hub

“The cash inflow from the .ai domain registration fees are not just a windfall but a strategic advantage for Anguilla,” authorities say. Through its ccTLD, Anguilla has established itself as a major player in the tech space.

Also Read: Southeast Asia is Turning into an AI Hub as Tech Giants 

Source: Bloomberg

The “.ai” domain boom has led to debates regarding the possibilities of Anguilla becoming the technological hub of the region, even much more, a hub for AI-based companies and startups – a recipe for further economic growth.

Cryptopolitan reporting by Brenda Kanana

The International Monetary Fund (IMF) has highlighted Zimbabwe’s recent introduction of a gold-backed fiat currency as a noteworthy policy measure. This statement marks the IMF’s first significant commentary on the currency since its inception. The global financial institution has also announced its intention to send a team in June to assess the new currency’s performance.

IMF’s Initial Concerns and Current Perspective on Zimbabwe’s Currency Reforms

The gold-backed currency, referred to as ZIG, has been recognized by the IMF as an “important policy step.” This acknowledgment came as the IMF shared plans to evaluate the currency in the upcoming months. According to reports, the IMF’s comments represent its most comprehensive assessment of Zimbabwe’s new currency since the ZIG was launched over a month ago. This perspective appears to differ from the IMF’s earlier criticisms regarding the Reserve Bank of Zimbabwe’s (RBZ) introduction of a gold-backed digital currency.

Previously, as reported, the IMF had expressed concerns about the RBZ’s decision to launch a gold-backed digital currency. The global lender argued that this move could threaten financial stability. Instead, the IMF recommended that Zimbabwe should focus on liberalizing its foreign exchange market rather than pursuing the digital currency route.

Despite these initial reservations, the IMF, in a recent email response, praised the RBZ for implementing several key reforms, including the introduction of the ZIG. The Bretton Woods institution stated,

“The introduction of the ZIG represents an important policy action, complemented by several other policy changes, including monetary, exchange rate, and fiscal policy measures.”

In related news, Bloomberg reported that the ZIG, which initially traded at slightly over ZIG13.56 per dollar at its launch, achieved its highest value of ZIG13.21 per dollar on May 23. This development highlights the currency’s potential impact on Zimbabwe’s financial landscape.

IMF Calls Zimbabwe’s Gold-Backed Currency an ‘Important Policy Action’ #gold #digitalcurrency #fiatcurrency https://t.co/HuMnUghGWC

— Bitcoin.com News (@BTCTN) May 24, 2024

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99Bitcoins has gained recognition for simplifying complex crypto knowledge. The launch of this new Web3-focused platform signifies its venture into the Learn-to-Earn (L2E) territory. Users now have access to interactive learning modules, quizzes, certifications, and more, enhancing the educational experience.

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