The local authorities aim to create a system that allows Bermudians to spend the digital currency they receive on government services and, in so doing, build a bridge to overseas economies. In the summer of 2018, Bermuda launched a comprehensive regulatory framework to provide clarity and leverage of the system.
By allowing the government to accept digital currencies, it provides an opportunity for merchants to adopt them and start accepting them as a payment method. The Bermuda governor hopes these systems will finally introduce ordinary Bermudians into the global financial ecosystem.
When it comes to access to financial services, Bermudians are largely excluded, as currently locals don’t have access to PayPal, Revolut, or Square. Furthermore, in order to get access to the Apple App Store locals buy credit or gift cards. With a digital currency plan, Bermuda will become more than just a financial product supplier and will, eventually, turn into a financial powerhouse of its own.
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