Bahamas to launch state backed cryptocurrency

Kevin Peter Turnquest the deputy Prime minister and finance minister of the Bahamas has announced that the Bahaman government will be implementing a state-backed cryptocurrency.

The announcement was made at the Bahamas blockchain and cryptocurrency conference which took place this past week. Turnquest spoke of digital currency as a “way forward for this era of governance” he continued to communicate the importance of cryptocurrencies bare, relaying that many banks had either downsized or pulled out of Bahamian communities entirely. He went on to state the added convenience digital payment systems would bring: “As an island nation, where transportation can be an inconvenience for many, especially the elderly, and costly, we must offer financial services digitally and securely.”.

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