Bermuda Premier Plans To Enable Blockchain Adoption On The Island

The Bermuda Premier announced that he will be looking into enabling blockchain adoption in the island nation along with the help of Denis Pitcher who is the chief fintech advisor to the premier as we are reading today in our altcoin news.

Pitcher explained:

 “In the  we launched a comprehensive regulatory framework to provide clarity and leverage. We introduced a principle-based framework that allowed us to define more of a scope around a business plan as opposed to specific activities. That allows you to have the flexibility to focus on managing risks of what’s new in this space.”

Pitcher will cooperate with the Bermuda premier into developing a new system that will help the people on the island to spend their digital currency and to receive improved government services by building a bridge to overseas economies:

 “By allowing the government to accept it, it provides an opportunity for merchants to start saying, ‘Well, I can look at accepting digital dollars. So taxi operators, tourism operators, commercial businesses have a place to actually spend, which means that you’re not going to have to fall back to the traditional financial system.”

He also hopes that the systems will eventually introduce the ordinary people of Bahamas to get into the global financial ecosystem. He said that the entire history of the island, allows them to really understand the financial services. However, he did say that there are a lot of challenges that come from learning having access to financial services and that Bermudians usually feel excluded. The people on the island don’t have access to PayPal, Square or Revoult and they cannot get access to the Apple App store or buying credit or gift cards:

 “We’re too small. Nobody cares about 60,000 people.”

With the new digital currency plan however, Pitcher believes that the small island nation will become much more than just a financial product supplier and will eventually turn into a new financial powerhouse of its own.  Also, Circle expanded to Bermuda praising the better crypto regulation and the overall regulatory environment. The Bermuda subsidiary of Circle will offer all kinds of crypto services including custody. The company says it will be the first major company to approach this country since the DABA passage last year.