The Bermuda Government and Shyft network inked a Memorandum of Agreement where Shyft will inject $10M into the Bermudan economy to develop blockchain technology education.
Shyft is a blockchain identity verification company safeguarding governments, industry, and consumers with “unbreachable” data and new KYC and AML standards.
Bermuda Premier and Minister of Finance David Burt, who signed to MOU said that his country “is able to accelerate economic growth, create jobs and attract global interest.” He further stated:
“The Government of Bermuda has decided to lead the way and build interoperability into the government legislation, in essence, approach regulatory frameworks with exportability in mind… We’re leading the world in digital assets regulation, there’s no other country that provides comparable certainty and [a] progressive regulatory environment.”
As declared in the MOU, the Toronto-based Shyft network will be putting in $10M into the local economy tapping Bermuda’s Department of Workforce Development to train the residents in blockchain technology and development.
In April, Premier Burt also signed an MOU with Binance for a $10M funding for university-level education of Bermudans in blockchain technology and a $5M capital infusion for startup blockchain firms in the country
Although MOU’s are not legally binding, they are a good instrument for building mutual relationships between public and private entities. MOU’s can be adopted by a government without legislative approval because they do not include conditions with legal restrictions.