Odaily Planet News: According to reports, the Bermuda government has announced a partnership with Coinbase and Circle, planning to build Bermuda into a national economy that is "fully onchain," using digital assets as part of its everyday financial infrastructure.
The plan, announced during the World Economic Forum in Davos, Switzerland, includes key initiatives such as piloting stablecoin payments within government agencies, promoting the use of USDC among local merchants, and supporting the implementation of tokenized assets and digital financial instruments by financial institutions. Coinbase and Circle will provide digital asset infrastructure and technical support to the government, banks, insurance companies, small and medium-sized enterprises, and individual users, while also collaborating on nationwide digital financial education programs.
The government of Bermuda stated that traditional payment systems are costly and restrictive for small island economies, while blockchain-based finance can help reduce costs, improve efficiency, and expand financial accessibility. Bermuda's Prime Minister, David Burt, noted that this initiative aims to create more opportunities for local residents and ensure they benefit from the future development of the financial system.