Bermuda, the small island nation with huge crypto ambitions
Bermuda is leveraging partnerships with Circle, Coinbase, and Stellar to transition its national economy toward a fully on-chain blockchain infrastructure.Summary
Bermuda is actively working to become the world’s first fully on-chain economy, aiming to reduce reliance on costly legacy banking systems. Under the leadership of Craig Swan, CEO of the Bermuda Money Authority (BMA), the island is implementing digital assets for public tax payments, beginning with the Department of Motor Vehicles.
The initiative involves strategic partnerships with major industry players like Circle and Coinbase for infrastructure, and Stellar for the development of a sovereign-grade digital dollar. Bermuda is also updating its legal framework to clarify property and contract laws for digital assets, while simultaneously piloting AI-driven compliance and payment hubs to regulate autonomous financial transactions.
(Source：CoinDesk)