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The famous tourist destination Bahamas will launch a pilot cryptocurrency, announced the Deputy Prime Minister and Minister of Finance.

The Central Bank of The Bahamas is proud to announce that it will test the influence of digital asset within the country’s ecosystem. The statement was made by K. Peter Turnquest, the country’s Deputy Prime Minister and Minister of Finance during the Bahamas Blockchain and Cryptocurrency Conference held between 20th and 22nd June 2018.

Turnquest wants the famous Bahamas to turn into a tech hub. He said “The production of a modern fully digital payment service is the way forward for this era of governance. A digital Bahamian currency is especially important for the many Family Islands as they have seen many commercial banks downsize and pull out of their communities, leaving them without banking services,” adding that:

Digitization of our government and financial services complements both our ease of doing business initiatives and our digital Bahamas framework.”

During the electoral period, K. Peter Turnquest showed his interest in blockchain technology through his manifesto. In an attempt to introduce the crypto features on the country’s territory, the Prime Minister together with his collaborators will launch a pilot cryptocurrency to test its utility. In addition to technological development, Turnquest wants to use blockchain to combat corruption within the government system.

Using technology and single points of contact we are able to eliminate a lot of the human element that facilitates corruption, and so when we talk about applying for government services, if we have a single portal for entry and all of the processing being done behind the scenes, either through electronic data interchange or through human facilitation we can eliminate that point where we Bahamians call it, you have to tip somebody in order to get service,” Turnquest said.

The Bahamas is not the first country to consider launching its own cryptocurrency. Among these, we find Japan’s MUFG, Tunisian eDinar, Estonian Estcoin, Dubai’s EmCash, Swedish eKrona, and others.

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