Bahamas Plans To Issue Its Own Cryptocurrency

[Crumple Cat]

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

[Isaythebitcoinbitch]

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

[krassy]

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.

[BillCoin]

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.

[nikiknowsnothing]

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.

[chanc3r]

“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.

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.

[chillitabit]

“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.

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

[omitusaf]

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.

[leostrong.mo]

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!

[zmeddy]

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.

[beskid]

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.

[omorfi]

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.

[DarkBullet]

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.

[cryptoking33]

“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 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.

[bitlind]

“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.

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?

[benedictonathan]

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.