At this year’s World Economic Forum Meeting in Davos, the Government of Bermuda announced its plans to become the world’s first “fully on-chain national economy.”
With support from both Circle and Coinbase, the Government of Bermuda intends to transform the nation’s economy using digital asset infrastructure.
“Coinbase has long believed that open financial systems can drive economic freedom,” said Coinbase CEO Brian Armstrong.
“Bermuda’s leadership shows what is possible when clear rules are paired with strong public-private collaboration. We are excited to support Bermuda’s transition toward an onchain economy that empowers local businesses, consumers, and institutions.”
The announcement builds on Bermuda’s leadership in digital asset regulation. In 2018, Bermuda became one of the first jurisdictions to introduce a digital asset framework through the Digital Asset Business Act.
As part of the initiative, Government agencies will pilot stablecoin-based payments, financial institutions will adopt tokenisation tools, and citizens will take part in nationwide digital literacy programmes, according to the Government of Bermuda.
“Bermuda has been a global pioneer in digital asset regulation and continues to demonstrate what responsible blockchain innovation looks like at a national scale,” said Circle co-founder, chairman, and CEO, Jeremy Allaire.
Capital Pioneer will be exploring Bermuda’s place on the digital asset world later this year.
