NASSAU, Bahamas—The Central Bank of the Bahamas is planning to introduce a government-backed pilot digital currency.
Speaking at the Bahamas Blockchain and Cryptocurrency Conference, Deputy Prime Minister and Minister of Finance of the Bahamas, K Peter Turnquest, made the announcement, saying that the development of a fully digital payment service is “the way forward for this era of governance . . . 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 also advocated for applying blockchain on a nationwide level in order to transform the island of Grand Bahama into the “digital paradise of the region,” Cointelegraph reported.
Turnquest reportedly expects the government to launch a pilot program of issuing blockchain-based education certificates for graduates of the National Training Agency, as well as inspect the ways blockchain can be applied for business licenses, passports, and national insurance, Cointelegraph said.