Bahamas planning to launch government-backed digital currency

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Jamaica Observer recently reported that the Central bank of Bahamas is ready to launch a government-based pilot digital currency. The Deputy Prime Minister and Minister of Finance of the Bahamas, K Peter Turnquest at the Bahamas Blockchain and Cryptocurrency Conference announced that the expansion of wholly digital payment is a way ahead for today’s era of governance. He said that in order to make the Bahamas a “Digital Paradise of the region” it is important to use Blockchain technology throughout the nation.

For the development of Blockchain in the Bahamas, the country has signed a memorandum with Binance Group and Shyft. They are planning to spend $10 million on Blockchain technology education and economic development.

The islands surrounding the Bahamas are also planning to develop a legal framework for virtual currencies and Blockchain.

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