Bahamas preps government-backed cryptocoin

The government of Bahamas has announced the launch of a digital currency as part of plans to become the Silicon Valley of the Caribbean and to bring financial services to communities that currently have no access to banking.

“The production of a modern fully digital payment service is the way forward for this era of governance,” states Deputy Prime Minister and Minister of Finance, K. Peter Turnquest, who sees two main benefits in cryptocurrency. Firstly, to bring a variety of banking services to all people of the Bahamas and, secondly, to end corruption.

“Using technology and single points of contact we are 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,” states Turnquest.

The Bahamas joins a long and growing list of countries considering or actively developing cryptocurrencies including Ecuador, China, Senegal and Singapore.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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