Bahamas to introduce digital currency
Published:Friday | June 22, 2018 | 10:45 AM
NASSAU, Bahamas, CMC– The Central Bank of The Bahamas has announced plans to introduce a pilot digital currency for the country.
This is according to Deputy Prime Minister and Minister of Finance K. Peter Turnquest, who made the revelation earlier this week, during 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. As an island nation, where transportation can be an inconvenience for many, especially the elderly, and costly, we must offer financial services digitally and securely,” said the Deputy Prime Minister, who added that he hopes the island of Grand Bahama will become the digital paradise of the region.
“Digitization of our government and financial services complements both our ease of doing business initiatives and our digital Bahamas framework. As a first step in our ease of doing business initiative, we would have moved to a new online interface for start-up companies registering their business for the first time in The Bahamas”.
According to Turnquest, in the near future, he hopes the government will introduce a pilot programme using blockchain certifications for people who complete studies at the National Training Agency.
“Even though it is at a very preliminary form, the government is looking to see other ways in which certificates such as business licenses, 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.”
After taking power just over one year ago, the deputy prime minister said he wanted the country to use the blockchain type of technology so as to be more efficient and root out corruption in the government system.
We want to hear from you! Send us a message on WhatsApp at 1-876-449-0169, email us at editors@gleanerjm.com or onlinefeedback@gleanerjm.com.