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The Government of Bermuda has announced plans to migrate its public financial services to the Stellar blockchain. This initiative is viewed as a pivotal step toward establishing a "fully blockchain-based national economy."
Prime Minister David Burt noted that the country's residents face high fees and outdated payment infrastructure. According to him, the introduction of digital dollars—combined with the utilization of the Stellar network—will help make financial services faster, more affordable, and more accessible.
Furthermore, authorities are exploring the possibility of investing in digital assets, subject to a thorough risk assessment.
The Bermudian government had previously signaled its commitment to fostering a digital economy, entering into agreements with Circle and Coinbase to support its blockchain initiatives.
It appears that Bermuda continues to solidify its status as one of the world's most crypto-friendly regions.
Prime Minister David Burt noted that the country's residents face high fees and outdated payment infrastructure. According to him, the introduction of digital dollars—combined with the utilization of the Stellar network—will help make financial services faster, more affordable, and more accessible.
Furthermore, authorities are exploring the possibility of investing in digital assets, subject to a thorough risk assessment.
The Bermudian government had previously signaled its commitment to fostering a digital economy, entering into agreements with Circle and Coinbase to support its blockchain initiatives.
It appears that Bermuda continues to solidify its status as one of the world's most crypto-friendly regions.
