The partnership builds upon earlier work Bermuda’s authorities has executed to draw crypto corporations, together with bypassing a complete regulatory framework in 2018.
The government of Bermuda is planning to create a “fully onchain” national economy using digital asset infrastructure provided through partnerships with cryptocurrency exchange Coinbase and stablecoin issuer Circle.
In a Monday announcement from the World Economic Forum Annual Meeting in Davos, Switzerland, Bermuda Premier David Burt and representatives from Coinbase and Circle said the partnership would allow the Caribbean island nation to use the USDC (USDC) stablecoin and Coinbase’s Base infrastructure to develop a new model for the country’s economy.
According to the companies and Burt, Bermuda government agencies will begin with a pilot program for “stablecoin-based payments, financial institutions integrating tokenization tools, and residents participating in nationwide digital literacy programs.”
“This initiative is about creating opportunity, lowering costs, and ensuring Bermudians benefit from the future of finance,” said Burt.
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This is a developing story, and further information will be added as it becomes available.