Deputy Prime Minister and Minister of Finance K. Peter Turnquest announced on June 20 at the Bahamas Blockchain and Cryptocurrency Conference that the Bahamian Central Bank plans to issue its own cryptocurrency. But it should not stay with a state digital currency. Blockchain technology will also be used extensively and will make the Bahamas a "digital paradise".

State cryptocurrency as a substitute for banks

Kryptofans agree that Bitcoin & Co. and the blockchain technology behind it can revolutionize our lives. The associated transparency and independence of state control bodies can facilitate many processes of modern day life. But even for those who still have no access to or can no longer use banking services, cryptocurrencies offer the opportunity to manage their finances independently.

As the Jamaica Observer reported on June 22, the government of the Bahamas is therefore planning to issue its own cryptocurrency. This was announced by Deputy Prime Minister and Minister of Finance K. Peter Turnquest on June 20 at the Bahamas Blockchain and Cryptocurrency Conference. So he explained the government's cryptoplanes:

"A digital currency in the Bahamas is particularly important for the many family islands, as they have seen how many commercial banks have shrunk and withdrawn from their communities so they can no longer use banking services. As an island nation, where transportation for many, especially the elderly, can be expensive and costly, we need to provide financial services digitally and securely. "

With Blockchain to the "digital paradise"

Turnquest underscored the government's ambitious plan with its hope to make the island of Grand Bahama a digital paradise in the region. For example, digitization should help initiate new business ideas and expand the digital structure of the Bahamas. As a first step, Turnquest wants to set up an online interface using a blockchain so that startups can register their business models in the Bahamas. The blockchain will also be used to issue certificates to people who are studying at the National Training Agency. But that's not all. The Blockchain technology will also be used to issue business licenses, passports and insurance, so you can maintain your own data and share it verifiably and securely.

When Turnquest came to the post of Deputy Prime Minister in 2017, he had already expressed his sympathy for Blockchain technology. In his opinion, she is in a position to make the country more efficient and to eradicate corruption in the government system. We look forward to the digital future of the island state and will report on the development of cryptoplanels.