Bermuda Aims to Pioneer the First Fully Onchain Economy
Bermuda, the small island nation with huge crypto ambitions

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Bermuda plans to become the first economy to fully transition to an onchain model, collaborating with companies like Circle, Coinbase, and Stellar. This initiative includes launching a digital dollar and accepting digital assets for government fees, aiming to enhance economic opportunities for its citizens.
- 01Bermuda is partnering with Circle, Coinbase, and Stellar to create a fully onchain economy, including a sovereign digital dollar.
- 02The Bermuda Monetary Authority is testing digital asset payments, starting with the Department of Motor Vehicles.
- 03Legislation is being updated to accommodate digital assets and smart contracts, aiming to streamline compliance.
- 04The Digital Asset Business Act (DABA) is expected to position Bermuda as a global hub for tokenized assets and decentralized finance.
- 05Bermuda's small size allows for more agile regulatory changes compared to larger jurisdictions.
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Bermuda has announced its ambition to become the world’s first fully onchain economy, collaborating with major players like Circle, Coinbase, and Stellar. The initiative includes the introduction of a sovereign digital dollar and the acceptance of digital assets for government fees, starting with the Department of Motor Vehicles. Craig Swan, CEO of the Bermuda Monetary Authority (BMA), emphasized the potential for economic growth and reduced transaction costs through blockchain technology. Recent pilot programs have successfully tested the use of stablecoins in real-world transactions, demonstrating the feasibility of a digital economy. The government is also updating laws related to property and contracts to facilitate the integration of smart contracts. With the Digital Asset Business Act (DABA), Bermuda aims to establish itself as a global center for tokenized assets and decentralized finance, leveraging its small population to implement swift regulatory changes. This strategic move positions Bermuda to bypass traditional banking inefficiencies, potentially transforming its economic landscape.
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The transition to a fully onchain economy could significantly reduce transaction costs for residents and improve economic efficiency.
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