Bitcoin Forum

“The production of a modern fully digital payment service is the way forward for this era of governance. A digital Bahamian currency is especially important for the many family islands as they have seen many commercial banks downsize and pull out of their communities, leaving them without banking services. As an island nation, where transportation can be an inconvenience for many, especially the elderly, and costly, we must offer financial services digitally and securely,” - K. Peter Turnquest

https://ethereumworldnews.com/bahamas-cryptocurrency/

There are lots of crypto freindly countries now trying to take advantage of the benefits and the awesome technology that blockchain brings to all of us. This would help bahamas residents boost their economy specially when it comes to attracting more tourists that are involve in crypto. I'd love to come in here spending crypto in the near future. This is just one example how blockchain empowers a certain country or sector in the world.

This is really a great news for the industry at time of this current dip. Any new crypto entrance in the market will bring supply of all coins. So it is highly accepted for the sake of market growth.

It would have been better if they have announced to encourage the use of already established cryptocurrencies like btc and eth etc, i always say that we should take all these developments positive, it just goes to show that crypto is the future and slowly but surely every country and company will start accepting crypto.

It is very interesting idea. Very much it is pleasant to me when the government doesn't oppose cryptocurrency, and tries to apply somehow this new technology in the interests and for the benefit of the inhabitants!

I was wondering where to go for my vacation and I think this is a pretty clear sign that the Bahamas is the place I must visit :)

Well this is so great to be true. I have read some kind of topics like that here on forum. And they all were wondering what if some country would issue their own cryptocurrency and so for now we're having the real example what would happen.

Yes, I agree with you. crypto will one day become accepted globally as more people and country will believe in its unique features.

Another welcome footprint into the crypto world, shutting all deniability and apocalyptic calls declaring its end.

the central Bank of the Bahamas plans to create its own cryptocurrency, this is evidence that central banks have seen the high potential of cryptocurrency and Blockchain, they realize that this technology makes transactions easier and more efficient, and has the potential for mass adoption, maybe soon we will see many central banks will make their own centralized cryptocurrency and finally, centralized Altcoin like XRP is no longer needed in this market

very good news, this is good news for lovers of crypto, a country of Bahamas is a country with some of these islands will be a new crypto community, Bahama also a country with good tourist assets, I support the Bahamas make their crypto and use it in everyday life.

I am usually very sceptical about state-issued cryptocurrencies but this is a rare occasion when it makes sense. If standard banking services are really unavailable for some people at distant islands, cryptocurrency could become a convenient means of peer-to-peer payment.

According to what is explained in the news, it seems that the decision has been well-thought-out and has a meaning, it's not that they are offering a state cryptocurrency so that people don't use BTC or ETH, but there is a real intention to help people. Also, they are planning to use the blockchain to fight corruption, which is quite interesting. In fact, this is one of the most interesting applications that blockchain technology can have, although, for some reason, it's one of the least talked about.

That's a very interesting post. It's great to see that Bahamas is stepping forward to adopt cryptocurrency. Sooner or later, every country in the world will accept cryptocurrency someday.

I think countries' own cryptocurrency is not a good idea, all of them are going to fail against bitcoin in the long term because it all will end up with a one world currency.

That idea of gov digital currency's has even quite strong support in EU
There is report saying that kind of new economic system based  on blockchain and gov digital currency's can be answer for current one leaded by big banks without enough reserve
Banks are of course against because it will take away his leading role in creating economys
Many people are aware that behind any financial crisis are big financial institution what only one religion is profit for any price

That you for the interesting news. I hope if it is done the entire cryptocurrency world will see a new age of crypto acceptance. Moreover it will drop a positive impact among the countries regarding cryptocurrency.

This news is really great. Actually the market of crypto currency is getting more popular day by day. Now different companies, agencies and countries governments are showing interest for this. Many countries are trying to develop their own crypto currency. Thanks to bitcoin for initiating such revolution. Crypto currency will prevail in the long run.

All countries of the world will be involved soon in this technology because it is very perspective and useful to society. Just not all have begun to penetrate into an essence of a blockchain. For some this unusual innovation with which don't want to deal. Someone also doesn't know about it at all. It will seems to me in the future increasing number of the countries to support this technology and will base the projects and structures on a blockchain.

Indeed, good for the market but we still need a little bit of a support from the community to advertise crypto. If Bahamas will open their cryptocurrency, then the market will somehow have another boost.

I strongly hope that we would see more and more crypto-positive countries in the world, so other countries would see their experience and follow their decisions knowing that nothing bad is in Bitcoin and blockchain.

This has become quite common practice, but I hope that in the near future countries will begin to implement not only the cryptocurrency, but also direct governance solutions such as developing DAOstack, Bitnation and others ::)

this is a good news.
many countries will follow. Adoption is import.

Of course, it sounds grandiose, more and more countries are beginning to believe in blockchain and cryptocurrencies, but there is always a big BUT, what will their currency be for the country, first of all, it is investment in the country's economy, but what can the country give for the invested funds? just on the HYIP to catch the wave now will not work, we need serious guarantees and a lot of work.

I think it's pretty stupid as they are not going to use it as a legal tender- they are just going to use it for inside transactions which is pretty much disappointing.

It's not going to drive any hype, we need to get a country to see a virtual currency as a legal tender, or to start producing their own currency through tokens on a blockchain network, then it's going to be a big time game changer.

Overall, I think that it's nothing important, and it's probably not going to happen at all- and when the Bahamas will come out with their token it's going to be in a very minor use., that people won't even notice, so basically, nothing to be surprised or happy about.

That's great news! I also read somewhere that Norway’s Central Bank is currently studying if launching its own cryptocurrency would be positive for the country. Falling cash use was cited as the motivation for Sweden’s central bank, Riksbank, to might issue an e-krona. Research has also been conducted by the Bank of Canada with a view to determining the risks and benefits that would come from issuing its own digital currency.

To create a direct communication with crypto or any other digital currency and it looks good but remember this there is a lot of countries have been doing the same like bahamas but they are still not working on it right now. It's for the future plan i suppose. we will see that.

they quite precisely mentioned the main problems of banks. It's the accessibility of the finance for everyone. It's them who decides who can have an account and who doesn't. That is not the situation with bitcoin though

This nation has woken up to the realities that the blockchain and cryptocurrency has brought.  Obviously they were created to correct some of the lapses of the current financial system. Of what use will it be to hoard fiat when it's not convenient for citizens to hold.  In fact the value of many currencies are depreciating.

As an island country, the Bahamas is made up of more than 700 islands, small islands and bays. It is not convenient for transportation and there are no convenient banking services in many areas.
The issuance of government cryptocurrencies can provide secure and convenient digital financial services!

If they succeed, then this is a big step forward! I want as many countries as possible to introduce the use of crypto currency, as something familiar and convenient for use in everyday life.

I do not understand, is this the desire to get rid of corruption or is it just an opportunity to concentrate the money even more in power? After all, the national crypto currency will be issued and controlled by the state itself and is unlikely to have anything in common with the existing digital assets.

The states have problems due to economic crises and lack of liquidity. And cryptocurrencies initial coin offerings are efficient way to collect funds. Countries such as Bahamas cannot issue their bonds with huge amounts. But they can sell their crypto related currencies.

In time like this bear market, there actually are cons and pros if Bahamas build their own cryptocurrency, If  they do it this year, there might be a possibility that it will be dumped so fast specially if the bears continue to rule the market. We all know that most affected when there is a dump in price in BTC are the altcoins. The positive side is that they will be able to upgrade their platform and will skyrocket when the market becomes stable. Early adopters always win.

This is an interesting development for the Bahamian citizens who are going to benefit from new digital crypto currency arrangements. If others countries of the world can emulate the Bahamians experience it will help solve the payments issues experience by developing countries of the world. Congratulation to the people of Bahama.

Interesting news. Remind me of topic called what if every country would issue their own cryptocurrency, and I'm really wondering how would they operate now?

If Bahamas will be able to create its own cryptocurrency, then I would be betting my two cents that Cayman Islands and Switzerland might be able to follow suit. It would be good for crypto to see these financial powerhouses be able to adopt to cryptocurrency and be able to help the coins bounce back.