Finance Ministry distances itself from BarterCoin Exchange Ltd

The Finance Ministry is distancing itself from BarterCoin Exchange Ltd and the company's plans for an initial coin offering (ICO).

In a statement issued yesterday afternoon, the ministry also said it has "not endorsed a BarterCoin Exchange nor an ICO."

In addition, it cautioned the public that the TT Securities and Exchange Commission (The Commission), recently said it "has not as of this date approved any ICO. The ongoing offerings are unregulated and speculative investments, with considerable risk to the investor"."

The ministry added, "It should also be noted that the proposed BarterCoin Exchange, has not received the approval of the Central Bank of TT (CBTT)."

Based on the above, the ministry advised the public to "exercise caution when engaging in any form of investment".

When in doubt, the ministry said one should seek the advice of the regulatory bodies – The Commission and/or the CBTT.