With the rise of smartphone adoption across the Caribbean, many industries have sought innovative ways to engage consumers by digitising their services. The banking industry is no different, as companies seek to establish future financial trends. As proven by the launch of the Sand Dollar, the world’s first Central Bank Digital Currency (CBDC), the Bahamas’ financial services sector is now looking to transform its legacy infrastructure by going digital to improve its security, lower costs and grow the customer base. Initially rolled out in Exuma and Abaco, as of March 2021, nine digital wallet providers circulated $130,000 worth of digital Bahamian dollars throughout the entire archipelago.
The Government’s newly-released digital assets policy proposes employing blockchain technology to help record the trading of Bahamian carbon assets and the activities of a wider “Caribbean market”.
The Prime Minister yesterday pledged the Government’s full backing for efforts to help The Bahamas “leapfrog” into the digital assets space.
The Bahamas has “an incredible opportunity to reclaim lost ground and be part of finance’s new frontier”, digital asset specialists argued yesterday, as they hailed the Government’s release of its “vision” for the $3trn industry.
The Bahamas cannot afford to be “on the outside of this digital assets revolution looking in”, the attorney general asserted yesterday, adding that the Government’s just-released policy paper positions the country to be “a leader”.
The Bahamas will likely have “to fight” the European Union (EU) and Organisation for Economic Co-Operation and Development (OECD) to preserve its digital assets leadership, the Opposition’s leader warned yesterday.
A digital payments provider says COVID-19 accelerated the industry’s growth because it created a “captive audience” for its services.
A Bahamian digital payments provider yesterday predicted it will this year “top” the $130m worth of transactions it settled in 2021, and said of this shift: “This is not going to be the norm; it is the norm.”
The Bahamas International Securities Exchange (BISX) is “actively pursuing opportunities” in digital assets, its chief executive disclosed yesterday, adding: “We’d be foolhardy to do otherwise.”
A former Cabinet minister yesterday said the private sector “should be thrilled that the Government has institutionalised” how it will be consulted on the future evolution of the digital assets industry.
More than half the Bahamian businesses surveyed by the Chamber of Commerce and Employers Confederation (BCCEC) have yet to launch an e-commerce platform, it was revealed yesterday.
The Prime Minister yesterday urged digital asset firms to consider establishing a physical presence in The Bahamas while hailing the “transformative” impact the sector will have for all industries and the wider economy.
FTX and SALT will jointly present a new event, Crypto Bahamas, that will debut this week from April 26-29 at the Baha Mar resort in Nassau. The invitation-only event will feature collaboration and networking among leading investors and builders in the digital assets industry.
A digital payments provider yesterday said a survey that found 37 percent of Bahamian firms have challenges accessing electronic payments would have “a totally different result” if done today.
The Bahamas will lose its position as a digital assets leader and the potential economic “upswing” if it fails to shed its ‘tax haven’ label, a Bahamian financial services provider warned yesterday.
The Bahamas has reached “a critical juncture” in its battle against COVID-19 where it must balance saving lives and preserving livelihoods, the Inter-American Development Bank (IDB) is warning.
REMOTE-first digital communication is expected to continue growing at an astounding rate year. In addition, due to the pandemic, society is increasingly reliant on connected infrastructure and digital services for the day-to-day functioning of its daily operations, which means that using digital services to interact has now become the norm.
The deputy prime minister yesterday pledged that the Government’s revamped investment promotion and approvals agency will be “transparent” and “innovative” in how it handles applications from digital assets providers.
A senior Royal Bank of Canada (RBC) executive yesterday confirmed it has stopped issuing $20 notes through its automated teller machines (ATMs) as part of efforts to drive Bahamians towards digital banking.
ATTORNEY General Ryan Pinder said yesterday the Digital Assets and Registered Exchanges Bill 2022 fulfils both local and international obligations, while seeking to strengthen the economic regime that will bolster the middle class of the country.