The Bahamas is looking to carve out a slice in the growing blockchain technology sector as the government has tabled a white paper to chart the country’s future in the sector.
The paper titled “The Future of Digital Assets in The Bahamas” was tabled by Prime Minister Philip Davis in the House of Assembly on Wednesday and he said his government plans to make the country a regional leader in blockchain technology.
“We have a vision to transform The Bahamas into the leading digital assets hub in the Caribbean and a global leader in the progressive regulation of businesses in this profoundly innovative space,” Davis said.
“While we recognise the extraordinary opportunities afforded by digital assets, we also recognise the risks, and thus we emphasize the importance of effective regulation. We will attract the best companies and keep out bad actors. Digital assets companies associated with our jurisdiction must operate fairly and in the interests of customers.”
Attorney General Ryan Pinder went further today at the weekly press briefing saying when the industry becomes fully active, it will open up the Bahamas to a wide range of opportunities.
“We didn’t want The Bahamas on the outside of this revolution looking in,” Pinder said as he noted the white paper was developed after months of consultation.
The Bahamas has already its own digital currency called the “Sand Dollar”.
It is the English speaking Caribbean’s only digital currency that is back by the central bank.
The government is also working with the University of the Bahamas to develop a degree program on blockchain technology.
A Digital Advisory Panel will be established later this year to keep the Digital Asset Policy Committee, which is chaired by the prime minister, up to date on developments in the blockchain technology sector.