{"id":248616,"date":"2020-02-03T09:33:24","date_gmt":"2020-02-03T14:33:24","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=248616"},"modified":"2020-02-03T09:33:24","modified_gmt":"2020-02-03T14:33:24","slug":"bermuda-aims-to-create-a-comprehensive-crypto-ecosystem","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bermuda-aims-to-create-a-comprehensive-crypto-ecosystem","title":{"rendered":"Bermuda Aims to Create a Comprehensive Crypto Ecosystem"},"content":{"rendered":"

Smaller economies of the world are taking over major world leaders in terms of\u00a0crypto friendliness. Countries like Malta are planning to become \u201cthe Blockchain Island\u201d 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.<\/p>\n

What does Bermuda\u00a0aim for?<\/h2>\n

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,<\/p>\n

\u201cWe 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.\u201d<\/p><\/blockquote>\n

\"Bermuda<\/a><\/p>\n

He said that he hopes that the people of Bermuda will get to spend\u00a0digital\u00a0currencies that they receive directly from government service.\u00a0This could help them in building a bridge to connect to the world economy.<\/p>\n

What does their\u00a0law suggest?<\/h2>\n

With new regulations in place, the government is free to accept cryptocurrencies<\/a>.\u00a0This could help\u00a0merchants\u00a0think about accepting digital currencies in their\u00a0establishments\u00a0as well.\u00a0He also added that\u00a0smaller 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\u00a0alternative\u00a0payment system that doesn\u2019t rely on the traditional financial systems of the country.<\/p>\n

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\u2019s 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<\/a>. People have to buy gift cards or credit cards to access Apple\u2019s App Store.<\/p>\n

He said that the country is very small, and \u201cnobody cares about 60,000 people.\u201d\u00a0By using digital currencies, Bermuda will become more than a supplier for financial products and finally get to become a leader in the finance industry.<\/p>\n","protected":false},"excerpt":{"rendered":"

Smaller economies of the world are taking over major world leaders in terms of\u00a0crypto friendliness. Countries like Malta are planning to become \u201cthe Blockchain Island\u201d […]<\/a><\/div>","protected":false},"author":1730,"featured_media":248618,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[7855,10272,10273,10274,8366,10275],"class_list":["post-248616","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-more-crypto-news","tag-bermuda","tag-crypto-ecosystem","tag-davos","tag-denis-pitcher","tag-digital-currencies","tag-the-blockchain-island"],"acf":[],"yoast_head":"\nBermuda Aims to Create a Comprehensive Crypto Ecosystem<\/title>\n<meta name=\"description\" content=\"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\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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