Bahamas seeking to be at the forefront of crypto and blockchain technology

The Bahamas is seriously pushing for blockchain to be implemented in all government services and to introduce a national digital currency to root out corruption and expand banking services to the underserved.

READ MORE: Bahamas preps government-backed cryptocoin

The Deputy Prime Minister and Finance Minister Peter Turnquest reveals that the first meeting of a steering committee to map out the future of blockchain technology on the Caribbean island nation is scheduled to take place in early September.

Blockchain revolution

Turnquest says blockchain has the potential to revolutionise the way business and finance are carried out in the country.

“Blockchain, while still in its early stages, is a pivotal technology that is shaping our 21st-century futures; indeed, it has already reshaped the future of the financial sector,” he told the Nassau Guardian.

“As a government, we are intent on being at the forefront of these changes so we can harness the power of technology to facilitate innovation and economic growth in the Bahamas.

“Similar to the internet, which allowed small countries to leapfrog into the future, blockchain has the potential to improve the ease of doing business with the government dramatically, and to create entrepreneurial opportunities for Bahamians.”

A long way to go

Turnquest admits the Bahamas has a long way to go in recognising the opportunities blockchain will bring to the country but says: “We want to demonstrate what is possible, and to make sure the legal and regulatory framework is in place to unleash the opportunities in the private sector.”

Deep Minds CEO Jason Leach, a local blockchain expert, recently said the Bahamas has to to come up with a regulatory framework for cryptocurrency exchanges to emerge ahead of the global market.

He  warned that if the Bahamas does not move quickly to become a global crypto and blockchain centre, the country will just be playing “catch up” with the rest of the world.