ME News reports that on May 12 (UTC+8), the Stellar Development Foundation and the Government of Bermuda jointly announced that Bermuda will migrate its key payment and financial services to the Stellar network, formally advancing the construction of a “fully on-chain national economy.” This initiative is built upon Bermuda’s 2018 Digital Assets Business Act regulatory framework and aims to significantly reduce local merchant payment processing costs, currently ranging from 3% to 5% or higher. Under the plan, Bermudan residents will soon be able to receive salaries, merchant payments, and pay government fees, as well as hold digital assets, via Stellar network digital wallets. The government will pilot stablecoin payments, enable financial institutions to integrate tokenization tools, and utilize these assets for government disbursements such as social services. (Source: ChainCatcher)
Bermuda Migrates Key Payment and Financial Services to Stellar, Advances Blockchain-Based National Economy
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Summary
Bermuda achieves an on-chain news milestone by transitioning key payment and financial services to Stellar. Backed by the Stellar Development Foundation and the government, this initiative supports a blockchain-driven national economy. Under Bermuda’s 2018 Digital Asset Business Act, the plan reduces payment costs by 3% to 5% for local merchants. Residents will use Stellar-based wallets for salaries, business payments, and government fees. The government will pilot stablecoin payments, and financial institutions will gain access to tokenization tools for use in public services and social distributions.
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