Who would have thought that a small island region – known more for its “triangle” and the strange phenomena surrounding it – would be so interested in crypto? Representatives of Bermuda in the Caribbean are now claiming that digital currencies are the future, and they’re looking to be far more committed to virtual money technology in the coming years.
Bermuda: The Tech Region of Tomorrow
Premier David Burt spoke recently at the Bermuda Tech Summit to say that the region would be accepting “1:1 U.S. dollar-backed digital currencies” from people looking to pay fees, services and taxes to the government. In other words, stable coins are all the rage. This, he states, will allow Bermuda to keep a solid position in the growing global fintech industry.
Technology is the future. If you look at five of the six largest companies in the world today, they are technology companies. We know that embracing new technology is necessary for the future growth of our economy, and so, in Bermuda, we are making sure that we are leading the world in facilitating innovation. If existing and new businesses cannot innovate in Bermuda, they will find other jurisdictions to innovate, meaning Bermuda will lose out on opportunities. It is essential that Bermuda remain a center of innovation and continues to improve our competitive advantage in financial services.
The event saw more than 300 people in attendance. It also included several keynote speakers such as Jeremy Allaire – the CEO of Circle – who recently decided that the country would be the new host region for his company. He claims:
To build our international business, we needed to find a jurisdiction that understood the breadth of digital assets and the scope of what we want to achieve. Bermuda is way ahead than any other country in this regard. As the adoption of digital currencies becomes mainstream, countries like Bermuda who are participating in innovation stand to benefit and are helping to create a world where the exchange of value is as efficient, free and open as the exchange of information, knowledge and content is today.
Getting Things off the Ground
Other topics discussed included the growth of artificial intelligence (AI), remote working, and improvements made to the hospitality industry. BDA CEO Roland Andy Burrows claims that Bermuda is at the center of it all, stating:
The tech-savvy and modern business approach that Bermuda is inculcating serves to enhance our appeal in the eyes of the next generation of business leaders, investors and high net worth[s]. Bermuda has long been a domicile of choice for insurance, asset management and trusts among many other industries, thanks to the stability, quality and ease of doing business it offers. A combination of these same features, along with our future-focused approach, are now attracting technologists and innovators, the likes of whom are with us today.