Bahamas to Improve Access of Citizens to Digital Assets

UTC by Babafemi Adebajo · 2 min read
Bahamas to Improve Access of Citizens to Digital Assets
Photo: Unsplash

According to the whitepaper, the government will collaborate with the Central bank of the Bahamas and the private sector to reach the set goals.

The Bahamas’ Government has unveiled a plan to improve citizen access to digital assets. The government released a whitepaper detailing an updated digital strategy in the country till 2026. It follows after the initial success of its crypto policies in attracting more investment into the nation.

According to Philip Davis, prime minister of the Bahamas, the vision is to transform the Bahamas into a leading digital asset hub in the Caribbean. “[We want to become] a global leader in the progressive regulation of businesses in this profoundly innovative space,” he said.

As part of the unveiled strategy, the government hopes to improve citizen access to the Sand Dollar in particular. Recall that the Bahamas was the first nation to launch a digital currency. It achieved this landmark when its Central bank began issuing the Sand Dollar in 2020. The project aimed to improve “inclusive access to regulated payments and other financial services.”

The Bahamian government stated that encouraging the use of Sand Dollars and improving access to digital assets was a priority for her.

How the Government Will Improve Access to Digital Assets

According to the whitepaper, the government will collaborate with the Central bank of The Bahamas and the private sector to facilitate this. Consequently, Bahamians will be allowed to pay their taxes using Sand Dollars. There will also be a push across the islands to promote the use of the CBDC.

The government will establish the Digital Assets Policy Committee to ensure that all policy objectives are met. The committee will be chaired by the Prime Minister. Membership will include the Financial Secretary, the Executive Director of the SCB, the Governor of the Central Bank of the Bahamas, and the Chair of the Digital Advisory Panel.

Likewise, the government plans to improve education about digital assets. It will also provide opportunities for Bahamians to develop digital asset skills. Taken together, the expansive digital asset policy framework will allow the country to tackle some of its economic challenges and provide jobs for Bahamians.

The release of the white paper comes one week before the FTX-hosted Crypto Bahamas conference. FTX moved its headquarters to the Bahamas last September citing the crypto-favorable policies of the region.

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Babafemi Adebajo

An experienced writer with practical experience in the fintech industry. When not writing, he spends his time reading, researching or teaching.

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