11 months ago

The Bahamas’ Central Bank has announced its plans to launch a government-backed digital currency. In the future new currency will be able to transform the country into the “digital paradise of the region”, Deputy Prime Minister and Minister of Finance of the Bahamas K. Peter Turnquest believes.

Turnquest adds that he considers the new project to be an important decision for citizens of Bahamas because “many family islands have seen many commercial banks downsize and pull out of their communities, leaving them without banking services.”

The government is also expected to elaborate a pilot project of issuing blockchain-based certificates for graduates of the National Training Agency. “Using technology and single points of contact we’re able to eliminate a lot of the human element that facilitates corruption”, Peter Turnquest said.

Bermuda, the nearby island, taking steps towards establishing a legal framework for digital currencies and blockchain as well – the country already has signed memo to collaborate with blockchain project Shyft.