Bermuda to Create a Fully On-Chain Economy with Coinbase and Circle
- Bermuda plans to transition its economy on-chain, partnering with Coinbase and USDC issuer Circle.
- The initiative will begin with stablecoin pilots and tokenization efforts in government sectors.
- Bermuda’s Premier E. David Burt emphasizes the partnership aims to lower costs and enhance financial access for Bermudians.
- The island’s economy, reliant on tourism and construction, had an estimated real GDP of $6.8 billion in a recent year.
- Plans include digital literacy programs to educate residents on digital assets and technical onboarding.
Bermuda is set to become the world’s first fully on-chain national economy by collaborating with major crypto firms for infrastructure support, aiming for reduced transaction costs and improved global finance access for its citizens.
With stablecoin payment pilots and tokenization tools as initial steps, Bermuda’s move towards a digital asset-based economy seeks to empower local businesses and consumers through enhanced financial systems. (Source)
