Bermuda to transition ‘key’ financial services to Stellar blockchain
Bermuda Premier David Burt announced several crypto-related initiatives to bring the island nation closer to the industry, including accepting and investing in digital assets and on-chain financial services.
The government of Bermuda announced that it will begin moving payment and financial-services activities to the Stellar network as part of its plans to be a “fully on-chain national economy.”
Speaking at the Bermuda Digital Finance Forum on Tuesday, Premier David Burt said that the island nation’s government, after risk assessments, could accept and invest in digital assets. In addition, Stellar announced that Bermuda would move certain financial services onto its network in response to high transaction fees.
“The lack of mobile money applications and reliance on legacy payments infrastructure has left Bermudians paying high payment processing fees and hindered additional economic growth opportunities,” said Burt. “The use of digital dollars can change that, and the Stellar network’s capacity to support public sector initiatives are what make it possible to deliver this responsibly and at the scale Bermuda requires.”