Bermuda’s government says that it has plans to turn the island into the first national economy in the world with a fully-on-chain system, partnering up with US-based cryptocurrency exchange Coinbase and stablecoin-issuing Circle.
Bermuda officials announced the announcement at the World Economic Forum’s Annual Meeting, Davos. They said that digital assets will be used to create a financial infrastructure for everyday use in the entire country.
Circle and Coinbase will offer digital assets infrastructure and enterprise-level tools to Bermudian governments, banks, insurance companies, small and midsized businesses and consumers. They’ll also support nationwide digital finance training and technical onboarding.
Says Coinbase CEO Brian Armstrong,
“Huge. A whole country has embraced USDC, Base and Chain.
“We are thrilled to support Bermuda in its transition towards an onchain-based economy, which empowers the local businesses, institutions, and consumers.”
Circle says the new payment system is a response to the restrictions and high fees associated with the traditional payment systems in island economies where access to banking services and merchant fees can be restricted. USDC, according to the firm, will enable Bermudian businesses to receive low-cost dollar payments at a fast pace while still meeting regulatory requirements.
Circle CEO Jeremy Allaire said that Circle was founded by Jeremy Allaire and co-founder Jeremy Allaire.
Bermuda has led the world in digital asset regulations and is continuing to show what responsible blockchain innovations look like on a national level.
“We are pleased to strengthen our commitment as Bermuda empowers its people and business with USDC infrastructure and on-chain.”
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As new information becomes available, this post Bermuda Partners With Circle And Coinbase To Be The World’s 1st ‘On Chain Economy’ could be updated.
