Bahamas Central Bank considers launch of crypto coin

Posted 23 June, 2018

The Central Bank of the Bahamas reportedly voiced intentions to develop and trial government-backed crypto coin.

According to the news report, the announcement of the coin was made by the Deputy Prime Minister and Minister of Finance of the Bahamas, K Peter Turnquest, stated during the Bahamas Blockchain and Cryptocurrency Conference that took place at The Grand Lucayan Convention Center this week. 

“The production of a modern fully digital payment service is the way forward for this era of governance. 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,” said the deputy prime minister.

One of the reasons why the Bahamas may launch own cryptocurrency is the geographic location. K Peter Turnquest believes that the development of blockchain will help to transform the island into the digital paradise of the region. Specifically, the government is also going to start issuing blockchain education certificates with plans to transfer business certification, passport and other documents to the blockchain.

“Using technology and single points of contact we are able to eliminate a lot of the human element that facilitates corruption, and so when we talk about applying for government services, if we have a single portal for entry and all of the processing being done behind the scenes, either through electronic data interchange or through human facilitation we can eliminate that point where, we Bahamians call it, you have to tip somebody in order to get service,” he added. 

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