Bermuda's On-chain Economy Revolution with Coinbase and Circle

By: Eliza Bennet

Bermuda is on the verge of a groundbreaking transformation in the digital financial realm, as it embarks on a plan to become the world's first "fully onchain" national economy. This ambitious initiative involves a collaboration with leading cryptocurrency entities, Coinbase and Circle.

The island nation is utilizing the infrastructure provided by these two giants to create an economy that operates entirely on blockchain technology. This initiative builds on Bermuda's past endeavors to draw crypto-related companies, having already established a robust regulatory framework back in 2018 to facilitate such developments. Through this partnership, Bermuda aims to capitalize on the capabilities offered by stablecoin USDC and Coinbase's Base infrastructure. Circle and Coinbase have been keen supporters of this transformation, offering their platforms and technical prowess to aid Bermuda's transition.

Premier David Burt, during the World Economic Forum Annual Meeting in Davos, Switzerland, articulated that this partnership stands as a testament to Bermuda's commitment to integrating digital finance into its core economy. A pilot program is set to commence, which will introduce stablecoin-based payments, encourage financial institutions to adopt tokenization tools, and boost digital literacy across the nation. This program is expected to set a foundation for other countries potentially considering similar technological integrations into their economies.

Bermuda's step towards a digital economy reflects a growing trend among nations attempting to leverage blockchain technology to streamline financial processes, enhance financial transparency, and foster economic growth. The collaboration with such influential financial tech entities ensures the proper expertise and technological framework to sustain this pioneering project, potentially paving the way for a new era of economic infrastructure globally.