The Bahamas to introduce digital currency

By Michelle Nurse Last updated Jun 29, 2018

Deputy Prime Minister and Minister of Finance of The Bahamas, the Hon. Peter Turnquest

NASSAU, Bahamas (CMC) – The Central Bank of The Bahamas has announced plans to introduce a pilot digital currency for the country.

This is according to Deputy Prime Minister and Minister of Finance K Peter Turnquest, who made the revelation earlier this week during during the Bahamas Blockchain and Cryptocurrency Conference.

“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,” said the deputy prime minister who added that he hopes the island of Grand Bahama will become the digital paradise of the region.

“Digitisation 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.”