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Government of Bermuda hopes to jumpstart their economy with new 'stimulus token'

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Sep, 25 2020

Sep, 25 2020

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 The Government of Bermuda has announced its partnership with the stable coin platform, Statehouse. They hope to roll out a blockchain pilot program together for a digital "stimulus" token. It will target both residents and merchants within the islands.

 

The ISCO has also published an evaluation report of global stable coins.

 The COVID-19 pandemic accelerated the idea of launching such a program. As part of the program, the Government has planned extensive measures. It plans to enable the buy of food and other products from retailers. It will help them to strengthen its now-necessary array of contactless payment solutions.

 

The Bermuda government will also distribute payments. It will be given to those who qualify for coronavirus-related financial aid. The payment will be made using the tokens.

 

A digital wallet will handle all the transactions. It will be managed from a mobile app. All the assets in this app will be spendable at vendors through QR codes and point-of-sale devices.

 

The Government is proposing to bypass all the middle-men. It also wants to bypass all the banks. It aims to airdrop what is an IOU from the Government to the people. The people will go to a website and register your ID. Then the Government will airdrop to those people a certain amount of money. It will be immediate, and they will have it on their phone wallet."

 

The Premier of Bermuda, Edward David Burt, talked to local media outlets. He expressed his keenness for the implementation of the cryptocurrencies by the Government. He wanted the island to establish itself "as a leader in supporting innovative private-sector digital asset solutions."

 

Bermuda became the first Government recently to accept the USDC stable coin for tax payments. This is according to the global financial services company, Circle.

 

In 2019, Burt stated that digital currency is a great equalizer. He characterized fintech innovation as a national strategic imperative.


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