The Bahamas is the latest country to announce the development of a native cryptocurrency. Local newspaper Jamaica Observer reported that K Peter Turnquest, the Deputy Prime Minister and Minister of Finance, disclosed the information at the Bahamas Blockchain and Cryptocurrency Conference.
The production of a modern fully digital payment service is the way forward for this era of governance. A digital Bahamian currency is especially important for the many family islands as they have seen many commercial banks downsize and pull out of their communities, leaving them without banking services.
Turnquest, referring to the Bahamas as an “island nation”, added that the utilization of cryptocurrency will solve the transportation problem faced by locals. While the country will become a safe haven for blockchain and fintech companies, the Grand Bahamas, an island in the Bahamas, will be turned into a digital paradise.
Instead of requesting startups to complete tons of paperwork, Turnquest plans to digitize registration. He said, “Digitisation of our government and financial services complements both our ease of doing business initiatives and our digital Bahamas framework.” Turnquest also wishes that the government will collaborate with the National Training Agency to offer blockchain certificates in the future.
Even though it is at a very preliminary form, the government is looking to see other ways in which certificates such as business licences, passports, national insurance can make use of blockchain technology to enable persons to maintain their data and share it in a secure and verifiable way.
Since automating workplaces reduces human error and using blockchain technology eliminates corruption, Turnquest hopes that instances of bribery and other illegal practices will lessen. Also present at the conference was the Prime Minister of the Bahamas, Hubert Alexander Minnis, who gave his approval to Turnquest’s ideas. He has previously said that Grand Bahamas is “the ideal location” for technological innovation for startups and fintech businesses.
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