System based on blockchain proposed by the cabinet of the Bermuda prime minister

In an interview with Coindesk, Denis Pitcher, chief fintech adviser to the Bermuda prime minister’s office, explained the government’s strategy for blockchain.

The archipelago is inhabited by approximately 60,000 people and plans to develop a national digital ecosystem based on blockchain.

“In the summer of 2018, we launched a comprehensive regulatory framework to provide clarity and opportunities. We introduced a framework based on principles that allowed us to further define a scope around a business plan, as opposed to specific activities. This allows us the flexibility to focus on risk management for what’s new in this space. ”

said Pitcher.

In Bermuda, a blockchain-based system is needed

He said the government hopes to create a blockchain-based system that will facilitate the receipt and spending of digital currencies. Citizens will be able to use them to pay for example local taxes and taxes.

“By allowing the government to accept them, it gives traders the opportunity to start saying,” Well, I can accept digital dollars. ” So the taxi operators, the tour operators, the commercial companies have the opportunity to spend the received digital currencies, which means that they will not have to return to the traditional financial system. ”

Pitcher hopes that these systems will finally introduce the population into the global financial ecosystem.

“Our history allows us to truly understand financial services. But the challenge that arises from this is that when it comes to access to financial services, Bermudians are largely excluded. We do not have access to PayPal, Revolut or Square and to effectively access the Apple App Store we buy credit cards or gift cards. “

In addition, the small population means that a blockchain-based infrastructure is easier to implement. With a plan to accept digital currencies, Pitcher believes that Bermuda will become more than just a provider of financial products and eventually turn into an international financial center.