Bermuda, long recognized as a progressive leader in digital asset regulation, has announced ambitious plans to transition its core economic and governmental infrastructure onto blockchain technology, striving to create the world’s first ‘Fully On-Chain National Economy’ (O.C.E.). This groundbreaking initiative aims to digitize everything from governmental records and asset management to national currency operations, building upon the island’s existing regulatory framework established under the Digital Asset Business Act (DABA).
The implementation relies heavily on strategic partnerships with major US-based crypto firms, Coinbase and Circle. Circle, the issuer of the USDC stablecoin, is expected to play a crucial role in modernizing Bermuda’s payment rails. By integrating USDC widely, the government seeks to facilitate immediate, transparent, and low-cost cross-border settlements, enhancing liquidity for international trade and investment within the jurisdiction.
Coinbase’s involvement is anticipated to center around providing institutional-grade custody, secure enterprise solutions, and facilitating compliant digital asset exchange access for Bermuda-based entities. Their expertise in secure infrastructure and adherence to global financial compliance standards is critical for the national project’s success and scalability.
Proponents of the O.C.E. argue that shifting governance and finance onto a public blockchain will drastically reduce bureaucratic friction, enhance transparency in government spending and services, and attract a new wave of Web3 businesses and talent. The project is designed not only to modernize the economy but also to provide a robust, verifiable, and immutable system of record for the entire nation. If successful, Bermuda’s experiment will serve as a significant case study for other small nation-states looking to leverage decentralized technology for sovereign economic management.
Source: Bermuda Plots ‘Fully On-Chain National Economy’ With Help From Coinbase and Circle
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