Bahamians soon to have government-backed cryptocurrency

The Central Bank of Bahamas has unveiled its plans to launch country’s pilot cryptocurrency. The announcement was made by the Deputy Prime Minister and Minister of Finance, Kevin Peter Turnquest at the Bahamas Blockchain and Cryptocurrency Conference.

Bahamas bank launches pilot cryptocurrency project

Bahamas bank launches pilot cryptocurrency project

“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 Mr. Turnquest. He further commented that Grand Bahama is on the way to become the “digital paradise of the region”, and the blockchain technology will be the core element behind the transformation.

The conference took place on June 20-22 and gathered together international investors, entrepreneurs, Bahamas government officials and business leaders. The Bahamas are currently developing the regulatory framework for the crypto industry.

The Bahamian Prime Minister Dr.Hubert Minnis, who also took part in the conference, is targeting to transform Grand Bahamas into a digital hub. Earlier in May, the global technology firm GIBC Digital, headquartered in New York and specialized on data intelligence and cybersecurity, has opened an office in Freeport, Grand Bahama.

"We are excited to be a part of the Minnis Administration's vision to make Grand Bahama a tech hub. Ten years from now, it will be thought of as the Silicon Valley of the Caribbean. This is the perfect time to be part of the growth and reinvigoration that's taking place here,"

commented the firm’s CEO, Greg Wood.