Bermuda Aims to Create a Comprehensive Crypto Ecosystem

Smaller economies of the world are taking over major world leaders in terms of crypto friendliness. Countries like Malta are planning to become “the Blockchain Island” and trying to woo companies in the sector with their enabling rules and new legislations. Another island, Bermuda, is also on the way to create a comprehensive crypto ecosystem.

What does Bermuda aim for?

According to Denis Pitcher, the chief fintech advisor to the Premier of Bermuda said that the company is planning to go deeper into the crypto sphere. While attending Davos, he spoke to CoinDesk and pointed out to a 2018 regulatory framework that created the necessary infrastructure for the crypto industry. He said,

“We introduced a principle-based framework that allowed us to define more of 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 said that he hopes that the people of Bermuda will get to spend digital currencies that they receive directly from government service. This could help them in building a bridge to connect to the world economy.

What does their law suggest?

With new regulations in place, the government is free to accept cryptocurrencies. This could help merchants think about accepting digital currencies in their establishments as well. He also added that smaller operators like tourism businesses, taxi service providers, and a host of other commercial businesses would get a place to spend their currency. This could help in providing an alternative payment system that doesn’t rely on the traditional financial systems of the country.

He said that Bermudians would finally be able to connect with the global financial system because of digital currency. He also indicated that the island’s history helps it understand financial services better. However, despite the understanding, most Bermudians remain excluded from the financial services of the region. They do not have access to globally popular payment services like PayPal, Square, and Revolut. People have to buy gift cards or credit cards to access Apple’s App Store.

He said that the country is very small, and “nobody cares about 60,000 people.” By using digital currencies, Bermuda will become more than a supplier for financial products and finally get to become a leader in the finance industry.