The advent of artificial intelligence (AI) has undoubtedly boosted productivity and innovation globally. But for one small Caribbean island, it has proved transformative.
Anguilla, a British overseas territory in the Caribbean, has seen such a boom that it now generates nearly a third of its government revenue from AI, Forbes reports. Surprisingly, this amount is also being obtained without code.
Anguilla, a member of the Eastern Caribbean Currency Union, is making a fortune by collecting a fee from each registration for Internet addresses ending in “.ai.”
This is because “.ai” is the domain name assigned to the island, as is “.jp” for Japan and “.fr” for France. “
Anguilla's .ai domain registrations grow from 144,000 in 2022 to 354,000 in 2023, generating more than 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/ULk3V6oVybpic.twitter.com/qgMdCa4aYo
— IMF (@IMFNews) May 24, 2024
Anguilla's country code “.ai” has become a favorite among technology companies around the world, according to an official report by the International Monetary Fund (IMF).
The IMF revealed that since the launch of ChatGPT, in November 2022, registrations for the .ai domain name have increased dramatically.
It added that registrations will increase from 144,000 in 2022 to 354,000 in 2023.
The IMF noted, “They (AI) have also seen an extraordinary boom in Anguilla, a British overseas territory and member of the Eastern Caribbean Monetary Union, whose .ai country code Internet domain technology worldwide has become a favorite among companies Since ChatGPT launched in November 2022, registrations of .ai domain names have skyrocketed — from 144,000 registrations in 2022 to 354,000 in 2023.
Speaking of revenue generated, the IMF revealed that last year “.ai domain registrations generated EC$87 million.”
It should be noted that this is 20% more than the total income of the Angolan government last year.
“In 2023 alone, this increase in .ai domain registrations generated EC$87 million in revenue (about $32 million), which is just 20 percent of the government's total revenue for the year,” the IMF added.
He continued, “This marks a dramatic increase compared to previous years when revenue from .ai domain registrations stood at around 5 percent. Looking ahead, the government expects revenue from .ai domain registrations to total govt. will remain stable at around 15 per cent of revenue, as the initial rush of registrations gradually subsides.”
The IMF notes that Anguilla relies heavily on tourism, which accounts for 37 percent of its GDP. The growing trend of .ai domain registration is now playing a major role in diversifying its economy.