The Central Bank of the Bahamas plans to issue government-backed experimental digital currency, reports the Jamaica Observer.

Speaking at the Bahamas Blockchain and Cryptocurrency Conference Deputy Prime Minister and Minister of Finance of the Bahamas, Peter Turnquest said that the development of new digital payment service — a “big step forward”.

“Digital currency is especially important for multiple small Islands, where commercial banks reduce or completely eliminate its presence, leaving the community without financial services. As an island state, where transportation can be costly and inconvenient, especially for elderly people, we must provide safe financial services in digital mode”, — noted the official.

Also, in his opinion, the ubiquitous use of the blockchain at the state level will transform the Bahamas into a “digital heaven.” In the near future the government plans to start implementing pilot programs for issuing degree certificates on the blockchain. In addition, we examine the possibility of using this technology for the issuance of business licences, passports and medical insurance.

“Using this technology may largely eliminate the human factor of corruption”, — expressed confidence Turnquest.

ForkLog previously reported that the authorities of the neighboring Bahamas to Bermuda to work on a regulatory framework designed to legalize ICO and to attract investment to the region. In addition, different blockchain projects in Bermuda, plans to invest cryptocurrency exchange Binance.

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