In a rather unexpected move, the Central Bank of the Bahamas announced that the country will be issuing its own cryptocurrency — second after Venezuela.
The announcement was made earlier last week at The Bahamas Blockchain and Cryptocurrency Conference by Kevin Peter Turnquest, the country’s Deputy Prime Minister and Minister of Finance.
The Way Forward
“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.”
This is the first time that a country will be releasing its own government-backed cryptocurrency. Despite the almost-decade existence of the said technology, every country has been won over by apprehension regarding the creation of its own digital currency. And to think that the first country to release its own cryptocurrency is a small archipelago just below the US is something but unexpected.
The Digital Paradise of Grand Bahama
Additionally, Turnquest also expressed his hopes to make the island of Grand Bahama as the region’s digital paradise. Also, he hopes “the government will be introducing a pilot program using blockchain certifications for people who complete studies at the National Training Agency,” the article from Jamaica stated. In essence, he is also proposing to create digital diplomas via blockchain.
The deputy prime minister also wanted to use blockchain to root out corruption from the country through blockchain.
Turnquest expounded that “using technology and simple points of contact we’re able to eliminate a lot of the human element that facilitates corruption.”