According to ChainCatcher, the Bermuda government announced at the World Economic Forum in Davos, as stated on Circle's official website, its plan to build the world's first fully on-chain national economic system, supported by Circle and Coinbase. The initiative will promote digital payments, asset tokenization, and financial education through the stablecoin USDC, aiming to address issues such as high local payment costs and limited infrastructure. Circle and Coinbase will provide blockchain infrastructure and tools for the government, banks, and merchants. This initiative is based on Bermuda's digital asset regulatory framework introduced in 2018.
Bermuda Government Announces Plan to Build the World's First Fully On-Chain National Economy
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Summary
The Bermuda government unveiled a plan at Davos to build the world's first fully on-chain national economy, supported by Circle and Coinbase. The project will utilize USDC to promote digital payments, asset tokenization, and financial education, aiming to address high payment costs and infrastructure gaps. The initiative is in line with Bermuda's 2018 digital asset regulations and includes measures for combating financial crime (CFT). Circle and Coinbase will provide blockchain tools for the government, banks, and merchants. This move could enhance liquidity and increase participation in cryptocurrency markets in the region.
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