Bermuda Is Planning a Comprehensive Crypto Ecosystem

Bermuda Is Planning a Comprehensive Crypto Ecosystem 1

In what must have been a drastic change for Denis Pitcher, chief fintech advisor to the Premier of Bermuda, he and CoinDesk’s Michael Casey took to the chilly streets of Davos to talk about his government’s steps to enable blockchain adoption in the island nation.

“In the summer of 2018, we launched a comprehensive regulatory framework to provide clarity and leverage,” said Pitcher. “We introduced a principle-based framework that allowed us to define more of a scope around a business plan as opposed to specific activities. That allows you to have the flexibility to focus on managing risks of what’s new in this space.”

Pitcher hopes to create a system that allows Bermudians to spend the digital currency they receive on government services and, in so doing, build a bridge to overseas economies.

“By allowing the government to accept it, it provides an opportunity for merchants to start saying, ‘Well, I can look at accepting digital dollars,’” he said. “So taxi operators, tourism operators, commercial businesses have a place to actually spend, which means that you’re not going to have to fall back to the traditional financial system.”

Pitcher hopes these systems will finally introduce ordinary Bermudians into the global financial ecosystem.

“Our history allows us to really understand financial services,” he said. “But the challenge that comes from this is that when it comes to access to financial services, Bermudians are largely excluded. We don’t have access to PayPal, Revolut or Square and in order to actually get access to the Apple App Store we buy credit or gift cards.”

“We’re too small,” he said. “Nobody cares about 60,000 people.”

With a digital currency plan, however, Pitcher believes the Bermuda will become more than just a financial product supplier and will, eventually, turn into a financial powerhouse of its own.

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews



bitcoin
Bitcoin (BTC) $ 61,823.00
ethereum
Ethereum (ETH) $ 4,269.93
binance-coin
Binance Coin (BNB) $ 493.51
tether
Tether (USDT) $ 1.00
cardano
Cardano (ADA) $ 2.02
solana
Solana (SOL) $ 198.65
xrp
XRP (XRP) $ 1.07
polkadot
Polkadot (DOT) $ 42.64
dogecoin
Dogecoin (DOGE) $ 0.300962
shiba-inu
Shiba Inu (SHIB) $ 0.000065
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 61,823.00
ethereumEthereum (ETH)
$ 4,269.93
tetherTether (USDT)
$ 1.00
bitcoin-cashBitcoin Cash (BCH)
$ 588.58
litecoinLitecoin (LTC)
$ 193.50
bitcoinBitcoin (BTC)
53.279,99
ethereumEthereum (ETH)
3.679,89
tetherTether (USDT)
0,861815
bitcoin-cashBitcoin Cash (BCH)
507,25
litecoinLitecoin (LTC)
166,76
bitcoinBitcoin (BTC)
44,954.59
ethereumEthereum (ETH)
3,104.88
tetherTether (USDT)
0.72715
bitcoin-cashBitcoin Cash (BCH)
427.99
litecoinLitecoin (LTC)
140.70

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Behind The Scenes: How this Crypto Community Responded to + $50m Hack
October 18, 2021
Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021

Blockchain/Cryptocurrency Questions and Answers

Bitcoin's Popularity
Top Reasons Why Bitcoin’s Popularity is Growing
October 28, 2021
Ethereum
Everything You Ever Wanted To Know About Ethereum
October 28, 2021
Top 5 Crypto Funds You Should Definitely Follow Too
October 28, 2021
ICo Presale
The Science Behind ICO Presales…
October 14, 2021
Beginner’s Guide to Investing in Cryptocurrency
August 9, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin61,232 1.86 % 3.72 % 7.56 %
Ethereum4,237.0 1.81 % 5.97 % 1.60 %
Binance Coin489.45 1.50 % 7.96 % 2.72 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Cardano2.000 1.74 % 2.94 % 8.75 %
Solana198.10 1.45 % 4.85 % 12.81 %
XRP1.060 2.08 % 4.22 % 7.44 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Dogecoin0.2958 3.70 % 21.67 % 16.22 %
Shiba Inu0.00006322 6.39 % 19.97 % 116.21 %

bitcoin
Bitcoin (BTC) $ 61,823.00
ethereum
Ethereum (ETH) $ 4,269.93
binance-coin
Binance Coin (BNB) $ 493.51
tether
Tether (USDT) $ 1.00
cardano
Cardano (ADA) $ 2.02
solana
Solana (SOL) $ 198.65
xrp
XRP (XRP) $ 1.07
polkadot
Polkadot (DOT) $ 42.64
dogecoin
Dogecoin (DOGE) $ 0.300962
shiba-inu
Shiba Inu (SHIB) $ 0.000065