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The Bahamas is Getting its Own State Backed Cryptocurrency

During the Bahamas Blockchain and Cryptocurrency Conference (BBCC), which ran from June 20th-22nd, 2018, it was revealed that the Caribbean nation would soon be making its very own state backed cryptocurrency.

The BBCC was a way for the Bahamian government to make its statement about where it wants to go in regards to cryptocurrency. The event itself was originally announced by Minister of State for Grand Bahama, James Kwasi Thompson. Thompson called the conference “our coming out party” during a press conference in regards blockchain and fintech technologies.

Representatives from ~500 companies met at Grand Bahama where the Minister previously said that the BBCC was, “designed to attract investors, entrepreneurs and service providers and tech companies from all over the world who are focused on making investments, starting and developing companies and building business relationships with blockchain technology.”

The PM also said that Grand Bahama has the opportunity to make itself a, “jurisdiction with an framework, financial and immigration policies that are favourable for technology and FinTech companies that want to incorporate and be domiciled here in The Bahamas.”

The revelation about the nation making its own cryptocurrency was announced during the conference by the Deputy Prime Minister and Finance Minister of the Bahamas, Kevin Peter Turnquest.

Turnquest said that cryptocurrency for the Caribbean nation was a, “way forward for this era of governance” and essentially a way to stabilize many areas where banks had pulled out entirely. He went on to say that, “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.”

A few of the topics discussed at the conference were, A Global Perspective on Regulatory Framework for CryptoCurrency and ICOs, Why Should We Invest in The Bahamas, and What Does the Future Look Like for Blockchain, CryptoCurrency and FinTech Solutions.

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Jack Taylor is a freelance journalist who has contributed to many award winning media outlets on a wide range of topics regarding trending technologies, cryptocurrency, blockchain & digital privacy.
Tennessee