Bermuda Goes Bananas for Blockchain! Circle & Coinbase to the Rescue!

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Well, slap my wallet and call me crypto-curious! Bermuda, the island where the triangles go to vanish, has decided to go “fully onchain” with the help of those financial funsters, Circle and Coinbase. That’s right, folks, they’re trading in their rum runners for blockchain buccaneers!

  • Bermuda’s cooking up a national plan to go full crypto, hand-in-hand with Circle and Coinbase. It’s like a digital luau, but with fewer coconuts and more code!
  • Government bigwigs, banks, and even the local fishmonger will be dabbling in stablecoin shenanigans and tokenization tomfoolery.

This crypto carnival was announced at the World Economic Forum in Davos, where the rich and powerful gather to discuss how to make the rest of us even more dependent on their digital doodads. The plan? To arm Bermuda’s government, banks, insurers, and even the guy selling trinkets on the beach with the latest blockchain gadgets.

Circle and Coinbase aren’t just stopping at infrastructure; they’re also planning to educate the locals on the wonders of digital finance. Because nothing says “paradise” like teaching grandma how to HODL!

Bermuda’s Economy: From Rum to Blockchain

According to the bigwigs, this initiative will supercharge Bermuda’s “highly entrepreneurial economy,” which is basically a fancy way of saying they’ve got a lot of small businesses trying to make a buck. Being lumped in with the Caribbean hasn’t done them any favors-high fees, limited access to payment processors, and margins thinner than a supermodel’s patience.

Enter Circle’s USDC, the stablecoin savior promising “fast, low-cost, dollar-denominated payments.” Because who needs traditional banks when you can have your money zipping around on blockchain rails?

Going on-chain is supposed to bring a treasure trove of benefits: less reliance on middlemen, better access to global capital, and more money staying on the island. It’s like Bermuda’s own financial fortress, minus the moat (though they could probably build one with all the crypto profits).

“This is about creating opportunity, lowering costs, and making sure Bermudians ride the crypto wave into the future,” said Hon. E. David Burt, JP, MP, Premier of Bermuda, probably while wearing a blockchain-themed Hawaiian shirt.

Government agencies will start playing with stablecoin payments, banks will get their tokenization on, and residents will be herded into digital literacy programs. It’s like school, but with more blockchain and fewer chalkboards.

As for when this crypto utopia will fully materialize? No one’s saying. But some local businesses are already accepting digital payments after a USDC airdrop last year. Baby steps, folks, baby steps.

Bermuda’s Crypto Crush

Bermuda’s been flirting with crypto since 2018, when they passed the Digital Asset Business Act. Since then, over 40 virtual asset service providers have set up shop on the island. It’s like a crypto colony, but with better weather.

Circle was one of the first to get a full Class F DABA license in 2019. Last year, they announced plans to expand their tokenized money market operations. Because why stop at one blockchain when you can have a whole buffet?

Coinbase, not wanting to be left out of the party, snagged its own Class F license in April 2023 to set up an international hub. It’s like a crypto arms race, but with fewer missiles and more memes.

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2026-01-20 11:44