Central Bank Of The Bahamas Is Introducing a Native Cryptocurrency
The government of Bahamas has announced the development of a native cryptocurrency. This is according to Deputy Prime Minister and Minister of Finance, K Peter Turnquest who made the announced earlier this week during The Bahamas Blockhain and Cryptocurrency Conference.
“The production of a modern 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,” said the deputy prime minister who added that he hopes the island of Grand Bahama will become the digital paradise of the region.
The island is known for its tax heaven status and the reason that businesses from around the world that are based in The Bahamas are mostly for its policy of ensuring shareholder privacy and relaxing any tax requirements on foreign-earned income. Any business who want to make an advantage of tax incentives could establish itself as internal business company (IBC) on the island, which exempts it from all taxes for the next 20 years. After this period, the company is liable for taxes only on income it makes on any of the islands, as well as stamp and estate taxes.
When coming to government just over one year ago, the deputy prime minister said he wanted the country to have used a blockchain type of technology so as to be more efficient and root out corruption in the government system.
"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.”
This system will not only be more efficient, but reduce the cost of doing business in The Bahamas.
Posted on: 26/06/2018