A renowned lawyer, John McKendrick, has given a word of advice to The Bahamas island about digital currency regulations. McKendrick is a former attorney general of Anguilla, a group of islands in the Caribbean.

McKendrick claims the island needs to step up its digital currency efforts before its fast moving neighboring countries take over. The Bahamas has already begun digital currency efforts, with its Sand Dollar project underway. However, the country still needs to speed up its efforts else it is going to fall behind its peers.

According to McKendrick, digital currencies could provide the solutions to financial challenges that The Bahamas are currently facing. With the Sand Dollar, the county has a taken a crucial initial step in its digital currency journey, but there is still room for improvement. He added that, its surrounding country’s Bermuda and Gibraltar, are doing exceptional jobs with their digital currency initiatives.

Furthermore, he said that The Bahamas mustn’t allow its fear of new technology deter it from implementing proper crypto regulations. McKendrick believes that the Sand Dollar will allow the government to familiarize itself with digital currencies, and use the gained experience to regulate other global cryptos.

The Caribbean region has showed commendable support for digital currencies. As reported by Cryptopress just yesterday, the Saint Kitts and Nevis Island has also passed a bill that lawfully recognizes crypto.

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