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Denis Pitcher, Premier of Bermuda’s chief fintech advisor, recently shared the country’s plan for comprehensive blockchain adoption with CoinDesk.
The government launched a comprehensive regulatory framework in the summer of 2018 to “provide clarity and leverage”, Pitcher said.
“We introduced a principle-based framework that allowed us to define more of a scope around a business plan as opposed to specific activities. That allows you to have the flexibility to focus on managing risks of what's new in this space," he added.
Pitcher plans to create a system that will enable people to spend the digital currency they receive on government services and he hopes that by doing so, Bermudians will be introduced into the global financial ecosystem.
“By allowing the government to accept it, it provides an opportunity for merchants to start saying, ‘Well, I can look at accepting digital dollars.’ So taxi operators, tourism operators, commercial businesses have a place to actually spend, which means that you're not going to have to fall back to the traditional financial system,” Pitcher said.
“Our history allows us to really understand financial services. But the challenge that comes from this is that when it comes to access to financial services, Bermudians are largely excluded. We don't have access to PayPal, Revolut or Square and in order to actually get access to the Apple App Store we buy credit or gift cards."
He believes that with a digital currency plan, Bermuda can potentially become a financial powerhouse.
In October, Bermuda teamed up with Shyft Network and Perseid Network to develop a blockchain-based national identity system. The government has also started accepting USD Coin (USDC), a USD-backed stablecoin from Coinbase and Circle, as a payment for taxes, fees and other government services.
