Also, the island state intends to introduce blockchain-based solutions to combat corruption. During the conference on blockchain and cryptocurrencies, Vice-Premier and Minister of Finance of the Bahamas K. Peter Turnquest announced that the creation of a fully digital payment service is the right way for the state:
The digital currency in the Bahamas is especially important for the islands, where commercial banks close branches and leave people without financial services. As an island country where displacement can be uncomfortable for many, especially for the elderly, and costly, we must provide for the population digital and secure financial services.
Turnquest also spoke in favor of implementing blockchain at the state level in order to turn the island of Big Bahama into a “digital paradise of the region.” The Minister of Finance expects that the government will begin testing the program of issuing diplomas on education based on the blockchain. Also, decentralized technologies can be used to issue licenses, passports and insurance certificates. In the opinion of Turnquest, the blockchain can reduce the influence of the human factor contributing to corruption from these areas.
In April, neighboring Bermuda submitted the “Virtual Currency Law”. The state also signed a memorandum of understanding with the Binance Group and Shyft. In both cases, companies will invest millions of dollars in education and the development of blockchain projects in Bermuda.
Probably, the investments received by Bermuda after the development of the law, loyal to cryptocurrencies and blockchain-country, do not give rest to the government of the Bahamas. The authorities understand that successful crypto companies, encountering resistance in their homeland and in developed countries, will be happy to legally develop their business in independent jurisdiction and help improve the economy, education and other spheres of life of hospitable islands. Source: jourtify.com