Bermuda Partners with Stellar for On-Chain Economy Transition
- The Stellar Development Foundation and Bermuda have initiated the move to an on-chain economy using the Stellar network.
- Bermudian residents will use digital wallets on the Stellar network for wages, merchant payments, and government fees.
- The initiative addresses high transaction fees of up to 10% currently faced by local merchants.
- Stellar’s infrastructure allows transactions to settle in seconds at a fraction of a US cent, offering efficient financial services.
- Bermuda’s Digital Asset Business Act from 2018 provides a regulatory framework supporting this transition.
This collaboration marks a significant step towards Bermuda’s goal of becoming the first fully on-chain national economy. The partnership leverages Stellar’s robust infrastructure to reduce transaction costs and enhance financial service efficiency across the island nation.
