June 26, 2018 235By Thomas Ramsay
“Digitization of our government and financial services complements both our ease of doing business initiatives and our digital Bahamas framework.”You can see the full report for yourself, here- https://www.ccn.com/sun-fun-and-crypto-bahamas-central-bank-set-to-introduce-a-digital-currency/ What are the benefits to this? Well of course, research which is a key part of any technological revolution. By engaging with blockchain technologies this way, Bahamas officials will be able to get a better understanding of the implications such technology has for the country. Moreover, by establishing a CBDC, The Bahamas can establish a cheaper and more efficient system for receiving and sending money internationally. Given that The Bahamas exported around $1.38 Billion worth of produce in 2016, according to the Observatory of Economic Complexity, you might be able to see just how well The Bahamas could benefit from the integration of a CBDC, simply just on the premise that such technology can improve transaction fees for importers who are paying companies within The Bahamas. You can see more from the Observatory of Economic Complexity here- https://atlas.media.mit.edu/en/profile/country/bhs/ This adds The Bahamas onto a growing list of countries that are not only expressing an interest in cryptocurrencies, they are also doing something about it, something that could lead to the provision of very important research and help countries like The Bahamas get well ahead of the blockchain game as the technology sweeps the globe.