Bermuda moves to make national economy fully onchain
Bermuda's Money Authority is advancing a plan to become the world's first fully onchain economy by piloting citizen onboarding, public payments and a sovereign stablecoin. The BMA airdropped $100 in USDC at a public event where attendees used the tokens at a pop-up marketplace and could convert back to fiat via MoneyGram. The government is starting to accept digital assets for taxes at the Department of Motor Vehicles and has partnered with Circle, Coinbase and Stellar for treasury, onboarding and a Bermuda digital dollar. Regulators are also testing compliant smart contracts and an AI payments hub to supervise automated flows.
Bermuda will accept digital assets for DMV payments
Context
Bermuda announced partnerships with Circle and Coinbase at Davos. The government ran a…
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- Full ContextLocked
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- Economic IndicatorSovereign experimentation with…Locked
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- Watch PointsPassage of legislation specifying legal…Locked
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- Historical ParallelLimited direct precedent: Bermuda…Locked
- Prerequisite KnowledgeLocked
- Follow-up QuestionsWhen will Bermuda start accepting…Locked
- Pros & ConsCitizens: easier payments because BMA…Locked