The Central Bank of the Bahamas is planning to introduce a government-backed cryptocurrency. Deputy Prime Minister and Minister of Finance, K Peter Turnquest who made the announcement 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.
Turnquest also advocated for implementing blockchain on a nationwide level. He presumably expects the government to launch a pilot program of issuing blockchain-based education certificates for graduates of the National Training Agency, as well as inspect the ways blockchain can be applied for business licenses, passports, and national insurance. Turnquest added:
“Using technology and single points of contact were able to eliminate a lot of the human element that facilitates corruption, and so when we talk about applying for government services, if we have a single portal for entry and all of the processing being done behind the scenes, either through electronic data interchange or through human facilitation we can eliminate that point where we Bahamians call it, you have to tip somebody in order to get service.”
The Bahamas is not the only Caribean island that wants to implement cryptocurrency and blockchain technology the nearby island nation of Bermuda is also in the process of developing a friendly legal framework for virtual crypto and blockchain technology.