“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.
Deputy Prime Minister and Minister of Finance, K Peter Turnquest during The Bahamas Blockchain and Cryptocurrency Conference.
The Bahamas is launching their own cryptocurrency.
So says Deputy Prime Minister and Minister of Finance, K Peter Turnquest, who made the announcement during The Bahamas Blockchain and Cryptocurrency Conference in the week of Monday June 18, 2018. If they achieve this, the island of Grand Bahama will become the digital paradise of the region.
The conference ended on Friday June 22, 2018 and attracted a wide range of local and international participants. At the conference they learned about block chain and cryptocurrency from professionals proficient in the field.
Clearly, the Bahamas is uniquely positioned to quickly become the jurisdiction of choice for technology companies, particularly blockchain technology companies, and FinTechh solution providers.
It’s also a very forward thinking move in little over a year of assuming office, as blockchain can be used to make financial transaction all digital and reduce corruption in the government system a pointed out by Deputy Prime Minister and Minister of Finance, K Peter Turnquest: “Using technology and single points of contact we’re able to eliminate a lot of the human element that facilitates corruption, and so when we talk about applying for government services”.
But is there a need for the country that is heavily dependent on tourism to go the Cryptocurrency route? Is so, will they be making an ICO (Initial Coin Offer)?
The Bahamas Blockchain – Attract FinTech start-ups and raise Capital
The island nation is fairly small but has many territories that are far-flung across the Northern Caribbean.
The introduction of a cryptocurrency, which would be all digital, would make it easier to offer financial services via the internet without the need for money to physically change hands, and backed by their central government, to quote Deputy Prime Minister and Minister of Finance, K Peter Turnquest: “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”.
The Bahamas Government also plans to introduce a pilot programme using block chain certifications for people who complete studies at the National Training Agency. Clearly, Digitization, as the switch to a cryptocurrency is called, will attract more FinTechh start-up to set up their servers in the Bahamas such as GraceKennedy and Western Union as explained in “GraceKennedy’s Innovation Lab planning to launch a GK MPay cryptocurrency”.
The Bahamas Government could even launch their own ICO (Initial Coin Offering), placing a value on their tourist product in the form of a digital currency and seeking people to back its usage in their economy.
This would allow their economy to make revenue from financial transactions, to quote K Peter Turnquest: “Digitisation of our government and financial services complements both our ease of doing business initiatives and our digital Bahamas framework. As a first step in our ease of doing business initiative, we would have moved to a new online interface for start-up companies registering their business for the first time in The Bahamas.”
The Bahamas Blockchain – Digitization to reduce corruption
Eventually, all government document will incorporate some type of blockchain technology, making it almost impossible to forge travel documents and other key government documents, as pointed out by K Peter Turnquest: “Even though it is at a very preliminary form, the government is looking to see other ways in which certificates such as business licences, passports, national insurance can make use of blockchain technology to enable persons to maintain their data and share it in a secure and verifiable way”.
Corruption and bribery may soon be a thing of the past in Bahamas, with the act of tipping being eliminated, to quote K Peter Turnquest: “…..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.”
Bahamas going Digital will be the Caribbean first Cryptocurrency Paradise for FinTech, eliminating corruption in the process!!
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