Central Bank of The Bahamas to Introduce Cryptocurrency

The Bahamian government has decided to set up a national cryptocurrency to aid the unbanked and ease the process of doing business in the multiple islands that make up the nation.

The island nation known for its sun and beaches, or, in the EU’s view, its tax haven status, is about to introduce a cryptocurrency of its own through its central bank.

"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 deputy prime minister K Peter Turnquest.

By introducing a cryptocurrency, companies established in The Bahamas, such as the Big Four accounting firms, could potentially do business more easily and in a far more private manner than they currently do. Many of their clients also face the inability to privately transact using the banking system, making it difficult to steer clear of some of the taxes imposed by foreign nations.

The Bahamian government isn’t stopping there, though. Turnquest wishes to extend this further and offer a blockchain infrastructure for the issuance of certificates to people who complete their studies at the National Training Agency.