Jun 29, 2018 at 13:33 // News

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The Central Bank of Bahamas has revealed plans of introducing a pilot digital currency for the nation.

During the Bahamas Cryptocurrency and Blockchain Conference, Peter K Turnquest, Deputy Prime Minister and Minister of Finance made it clear earlier this week that the production of a modern, fully digital payment is a way to go especially in this current tenure of governance, according to Jamaica Observer news outlet.

The conference ended on Friday and attracted very many important local and international participants acquiring useful knowledge and information surrounding cryptocurrency and blockchain from expert professionals who are already in the field.

Business Initiatives and Transportation System to Improve

A digital Bahamian currency is more useful for very many Family Islands since they have observed a lot of commercial banks downsize and leave their communities without banking services. Since the transportation system for the Bahamas is expensive and inconveniencing many users such as elderly, financial services must be offered in digital form and make sure that they are secure.

The minister also said that digitisation of financial institutions and the government eases the way how business initiatives are done plus digital Bahamas framework at large. A new online interface for all startup companies that are registering their ventures for the first time in the country will be the first step to be taken.

The minister believes that very soon the government will bring into practice a pilot programme using blockchain certifications for all graduates at the National Training Agency.

Blockchain Technology to Fight Corruption

The government is planning to come up with different ways in which certificates like passports, business licences, national insurance can integrate blockchain technology into use to help people in storing their important data and share it in a manner that is more secure and verifiable.

After coming into power in 2017, the minister wanted the Bahamas to use blockchain technology in order to be more efficient and fight corruption disease in the country.

If the blockchain technology and single points of contact are used, very many human elements which facilitate corruption will be highly eliminated and the cost of carrying out business will sharply reduce in the country.

Irrespective of the huge challenges that exist with establishing and developing a technology sector, the country standing firm to turn into the jurisdiction of choice for all technology platforms, most especially fintech solution providers and blockchain technology companies.