The Bahamas, an archipelagic island located north of Cuba, has an exciting history with Blockchain. Back in March the Minister of State, Kwasi Thompson, announced at a significant blockchain conference, that they wish to direct their efforts towards bringing blockchain development in the country. Back in April, the first Bahamian blockchain startup that goes by the name of PO8, announced to the world, Bahamas’ entry into the global crypto stage.
Recent developments in the country indicate that they are serious about making Bahamas a force to be reckoned with in the blockchain market. To that end, a government committee is all set to be launched in September, which will decide the country’s future course with regard to blockchain. The announcement was made by Peter Turnquest last week, who is the Deputy Prime Minister and Minister of Finance of Bahamas.
Just a couple of days ago, The Bahamas Government formally entered into a Loan Agreement with the Inter-American Development Bank (IDB). A net amount of $ 20 million would be loaned to Bahamas for the execution of the initiative called “Skills for Current and Future Jobs in The Bahamas”. It is at this signing, where Turnquest spoke about his vision and how he feels blockchain could revolutionize the business and finance sector in the country. He said:
“Blockchain, while still in its early stages, is a pivotal technology that is shaping our 21st-century futures; indeed, it has already reshaped the future of the financial sector…As a government, we are intent on being at the forefront of these changes so we can harness the power of technology to facilitate innovation and economic growth in the Bahamas.”
On that occasion, Turnquest also expressed his hopes and said that the way the Internet gave ‘small countries’ a chance to dream big and have a better future, similarly, blockchain could help the country smoothen out way business is conducted and give the natives a whole lot of entrepreneurial opportunities.
Jason Leach, the CEO of Deep Minds Chief Executive Officer (CEO) stressed on the importance of developing a palatable framework for crypto exchanges in the country which could give Bahamas a boost over the other countries currently focusing on blockchain developments. There is a lot that Bahamas currently lacks in and according to Leach, if the country does not act on time, then it could end up playing catch up with new regulations forever.
A community of aware and willing blockchain and crypto enthusiasts is currently required in Bahamas to steamroll the new developments. We hope this new governmental committee would achieve just that and more.