Bahamas To Launch A Pilot Cryptocurrency

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Bahama’s Deputy Prime Minister and Minister of Finance, K Peter Turnquest, announced that the Central Bank of the Bahamas plans to introduce a pilot digital currency. The announcement was made during the Bahamas Blockchain and Cryptocurrency Conference earlier this week.

“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.” – Turnquest explained.

Nationwide blockchain application was also raised by Turnquest. He expects the government to inspect ways of applying blockchain for business licences, passports etc. A pilot program of issuing blockchain-based education certificates for National Training Agency graduates was mentioned too.

“Tipping”

According to Turnquest, blockchain technology could solve other issues the island nation struggles with:

“Using technology and single points of contact we’re able to eliminate a lot of the human element that facilitates corruption, and so when we talk about applying for government services, if we have a single portal for entry and all of the processing being done behind the scenes, either through electronic data interchange or through human facilitation we can eliminate that point where, we Bahamians call it, you have to tip somebody in order to get service.”

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