During a recent speech, the deputy prime minister of the Bahamas suggested that the island nation may be the ideal testing ground for blockchain integration and is examining a possible central bank digital currency.
At the Bahamas Blockchain and Cryptocurrency Conference last week, the Bahamian deputy prime minister, K. Peter Turnquest, announced[1] the Caribbean nation intends to create a national digital currency and use blockchain technology to reduce corruption.
Turnquest, now in his second year in office, made a campaign promise to integrate blockchain into the Bahamian government in order to weed out corruption and to bring efficiency to current operations. There is also the hope that blockchain technology can reduce the cost of doing business in the Bahamas.
"Digitization of our government and financial services complements both our ease of doing business initiatives and our digital Bahamas framework. As a first step in our ease of doing business initiative, we would have moved to a new online interface for start-up companies registering their business for the first time in the Bahamas," Turnquest said.
Because the Bahamas is a nation of over 700 islands and cays, access to a bank may mean traveling by sea or air a great distance for many in the nation. Turnquest stressed the importance of a fully digital payment service:
"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."
While many governments have indicated – in some shape or form – interest in integrating blockchain technology into their existing processes, the Bahamas' decision to create
