The Central Bank of Bahamas plans to introduce their developed/native cryptocurrency as reported in the local newspaper Jamaica Observed on June 22.
Earlier this week, at the Bahamas Blockchain and Cryptocurrency Conference, Deputy Prime Minister and Minister of Finance of the Bahamas, K Peter Turnquest announced that the development of cryptocurrency payment service is “the way forward for this era of governance.”
Turnquest furthered that the use of cryptocurrency is the answer to the transportation problems of their people. Also, he is open to the idea that the Bahamas will be a hub for fintech (finance+ technology) and blockchain companies, and that the Grand Bahamas will become a “digital paradise.”
Turnquest said, “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.”
Thus, Turnquest plans to have an online registration for startup companies in the region instead of the traditional paper-based registration processing. He said that the “digitization” of both the government and financial services are aligned with their goals/initiatives of doing business with ease and to their “digital Bahamas” structure.
Aside from these, he reportedly expects the government to start a blockchain education program in collaboration with the National Training Agency. Certificates will be awarded to those who will finish the course. Also, they will study how blockchain can be utilized for national insurances, business licenses, and passports according to a published article in bitrazzi.com
For Turnquest, “digitization” in the government will make the transactions in the government more efficient and will lessen the corruption. It will remove the element of the human factor and eliminate the chance of tipping some people to deliver the service.
The Bahamas Prime Minister Hubert Alexander Minnis approved Turnquest’s plans. He said that the Grand Bahamas is an excellent place for startups and fintech companies.