Bahamas to launch state backed cryptocurrency

24 Jun, 2018
by Will Heasman
News
Bahamas to launch state backed cryptocurrency

Kevin Peter Turnquest the deputy Prime minister and finance minister of the Bahamas has announced that the Bahaman government will be implementing a state-backed cryptocurrency.

The announcement was made at the Bahamas blockchain and cryptocurrency conference which took place this past week. Turnquest spoke of digital currency as a “way forward for this era of governance” he continued to communicate the importance of cryptocurrencies bare, relaying that many banks had either downsized or pulled out of Bahamian communities entirely. He went on to state the added convenience digital payment systems would bring: “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.”.

The Bahamas are an achripelego set to the east of florida in the Atlantic. The low population spread so thinly across neighboring islands means that commercial banks didn’t see the viability or profitability in staying, leaving residents stranded without access to financial services. A digital currency would eliminate a lot of the issues currently facing the islands. This could prove a huge step in the right direction for the futher vailidty of cryptocurrencies if implemented correctly. 

Meanwhile, bankers in Switzerland contunie mull over the potential of state backed cryptocurrencies. The board director of the swiss national bank (SNB) Thomas moser has weighed in on the debate stating that cryptocurrencies, alongside blockchain, are “too primitive”. While admitting that blockchain had potential he asserted that state back cryptos could only occur if “[Blockchain technology] looks very different from what it does today.”.

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