Bahamas Central Bank to Start Cryptocurrency

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
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.

Related posts
cryptocurrencyCryptocurrency NewsNewsPayPalstablecoins

PayPal Is Reportedly Exploring Issuing A Stablecoin

Last fall, the world’s largest payments processor PayPal partnered with Paxos to allow users to buy, hold and sell bitcoin, ethereum, litecoin, and bitcoin cash — and the demand for its crypto service has so far exceeded the company’s expectations. …
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTCoinbaseEthereum NewsETHUSDethusdtNewsxbtusd

World’s Leading Auction House Sotheby Now Accepts Bitcoin And Ethereum For Payments Via Partnership With Coinbase

One of the world’s most respected auction houses, Sotheby, is now accepting two leading cryptocurrencies as a form of payment. Sotheby Will Let You Pay For Artwork Using Bitcoin, Ethereum An increasing number of companies have started to accept digital…

Dogecoin Soaring Demand Earns eToro Listing As Price Skyrockets To New All-Time High

The price of Dogecoin has clocked a new all-time high after news that Israeli multi-asset brokerage firm eToro has added DOGE to the list of tokens it offers retail investors via its trading platform. Announced on Monday, the move marks…