Bahamas 800x500 - Bahamas is Ready to Launch a State Backed Cryptocurrency

Bahamas is Ready to Launch a State Backed Cryptocurrency

The Bahaman government may be ready to implement a state backed cryptocurrency in the country. The announcement has been made by Kevin Peter Turnquest, deputy Prime Minister and Finance Minister of the island at the Bahamas blockchain and cryptocurrency conference.

Bahaman Cryptocurrency

There are different countries that are starting to think about issuing national cryptocurrencies. Venezuela has already done it, and other central banks are seriously analysing the effects of launching Central Bank Digital Currencies (CBDC), like Norway, Canada or the United Kingdom.

During the event held in the island, Turnquest explained that digital currency can be considered as a ‘way forward for this era of governance.’ At the same time, he said that it is important to offer financial services digitally and securely to everyone.

Mr. Turnquest Commented:

“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 is located to the east of Florida, but it suffers an important problem. The population is moving to near islands and banks are struggling to keep operating in the place. A virtual currency backed by the government may be very important to solve this problem.  Moreover, it could prove that cryptocurrencies used properly are viable may be very positive for a country.

Norway Might Launch Own Cryptocurrency

The last month, we wrote at UseTheBitcoin that the Norges Bank – Norway’s Central Bank – may be ready to launch its own cryptocurrency.

The information has been released in an official document that was uploaded by the bank. The main intention is to understand whether it would be positive for the country issue a CBDC or not.

The report reads as follows: Norway Flag 300x200 - Bahamas is Ready to Launch a State Backed Cryptocurrency

“This report, prepared by a Norges bank working group, provides an overview of aspects that should be given weight in assessing whether Norges Bank should issue a CBDC [central bank digital currency]. A CBDC can be designed in various ways depending on the desired aims.”

Until now, there is no further information about the final decision of the central bank.

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