Bermuda is a country very few people associated with innovative payment solutions. That is only normal, as no one in the country has access to Revolut or PayPal, for example.
To counter these problems, the current plan of action may prove to be a very interesting one.
Bermuda Shows an Interest in Cryptocurrency
One option being explored is to facilitate the adoption of blockchain technology.
Such an approach would stroke with what most other countries are doing or plan to do in the future.
Another option being considered in Bermuda is the use of cryptocurrency technology.
This would allow for greater financial inclusion for all residents in the country
Before any of this can happen, the proper infrastructure will need to be provided accordingly.
The first step toward doing so has been taken, albeit there is still a lot of work to be done.
Bermuda has proven to be relatively open-minded toward cryptocurrencies.
More specifically, the government has introduced support for cryptocurrency payments for local taxes.
Albeit this is only linked to USD Coin – one of the many stablecoins – a very interesting precedent has been created.
For now, there is no official timeline as to when all of this is supposed to take place.
More information should come to light in the months to come.