Bahamas will introduce a cryptocurrency

The Central Bank of the Bahamas plans to introduce a pilot cryptocurrency to the market, which will be supported by the Government of that country, according to the information given by the Finance Minister of the Bahamas, K Peter Turnquest, during the Bahamas Blockchain meeting and Cryptocurrency Conference.

"A digital currency backed by the government is especially important for the many family islands as they have seen many commercial banks shrink their size and withdraw from their communities, leaving them without banking services," he said, according to the Criptotendencia portal.

It is hoped that this measure will be accompanied by a blockchain technology project, in order to turn the island into a "digital paradise". The date of the launch of the virtual currency is unknown.