The Bahamas will issue the trial digital currency

June 25

In addition, it is planned to study the possibilities for introducing blockchain into the sphere of state services.

The Central Bank of the Bahamas plans to introduce the government-supported digital currency. It is reported by Cointelegraph with reference to Jamaica Observer.

During the speech at the Bahamian cryptocurrency and blockchain conference the Vice-Premier and Minister of Finance of the Bahamas K Peter Turnquest said that the development of a fully digital payment service at the moment was a step forward for the state.

«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», − Turnquest explained.

The minister supported the implementation of blockchain at the state level with the goal of turning the island of Grand Bahama into a «digital paradise of the region». According to him, he expects the government to launch a pilot program for issuing education diplomas based on blockchain as well as studying the possibilities of using blockchain in business licensing, passports and state insurance.

«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, we can eliminate that point where, we Bahamians call it, you have to tip somebody in order to get service», − the minister added.

It is worth noting that the positions of the authorities of different countries regarding national cryptocurrencies are different. For example, Japan and recently Russia rejected the idea of issuing the state cryptocurrency.

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