On-chain migration of payments and public finance… Aiming to build a complete blockchain economy
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David Burt, Prime Minister of Bermuda, announced at the Bermuda Digital Finance Forum held on this day that he is pursuing the transition to Stellar Network-based financial infrastructure as part of a strategy to build a "fully on-chain national economy."
Prime Minister Burt explained that the high payment processing fees of the existing financial system and limited mobile financial services are hindering economic growth.
The Bermuda government plans to operate public financial services and a digital dollar payment system using the Stellar network. Stellar is known as a Layer 1 blockchain that supports fast and inexpensive remittance functions.
Stellar is being used for cross-border payments, stablecoin issuance, and fiat currency deposit and withdrawal services. Financial institutions and fintech companies are also using the network.
The Bermuda government announced last January that it had established cooperative relationships with Circle and Coinbase during the World Economic Forum (WEF).
Bermuda has been expanding its cryptocurrency-friendly country strategy since introducing the Digital Asset Business Act in 2018.
Prime Minister Bert said, "Private companies are leading the ecosystem, and the Bermuda government is supporting it."
According to the International Monetary Fund (IMF), Bermuda's Gross Domestic Product (GDP) is approximately $9 billion (13.4442 trillion KRW). The market assesses that Bermuda is accelerating the establishment of a blockchain-based national financial system.
Meanwhile, the cryptocurrency industry continues to expand its payment infrastructure. Cryptocurrency exchange Bybit announced last April that it had expanded its digital payment services in South Africa.
Reporter Jeong Ha-yeon yomwork8824@blockstreet.co.kr
