Davos Gave Bermuda Its Policies over Bitcoin
Last day of the World Economic Forum in Davos became unknowingly important for Bermuda as it gave the country its new outlook towards digital currencies. Before leaving the event, Bermuda’s minister of national security, Wayne Caines, told some blockchain supports, “If you are really serious about advancing this space and working with us, meet us in Bermuda on Monday.”
The next day, Bermudian government laid plans about the new industry with a handful of bitcoin enthusiasts that came from Davos. In an interview with Bloomberg, Wayne Caines, said, “It was the coolest thing I’ve ever been involved with. There was just so much brilliance in the room, and people were so passionate. What I like about people in the blockchain space is they actually want to change the world.”
After few months, new legislation was set in Bermuda’s lower house of parliament to regulate initial coin offerings. The British territory also signed a deal with Binance, largest crypto exchange of the world, for investment in jobs, education and blockchain companies of Bermuda.
According to an emerging technologies consultant at the Bermuda Business Development Agency, John Narraway, the meeting explored how blockchain could be used under current regulation. He added, “, “It was just markers out with the smartest people I’ve ever been in a room with. We mapped it out within, I think, probably five hours.”
As of now, Bermuda has already put property records on the blockchain and has focused on dozens of other businesses. The government also signed an agreement with Overstock.com Inc, an online retailer that accepts payment in Bitcoin, with an aim to establish a blockchain laboratory in the country.
Currently, the government is focusing on building a legal and regulatory structure that can attract more fintech companies and boost its reinsurance industry. The government has allowed companies to work on developing new financial technologies with the help of the regulatory authorities.
Considering the new age technology Bermuda’s initiative is not risk-free. ICO has been under scrutiny all around the world as it raised $6 billion in 2017 and had not paid off to the investors yet. Moreover, Binance is not free from issues too. Zhao Changpeng, CEO of the company, informed that its office would be re-opened in Malta for avoiding any clash with the local regulators of Japan.
Binance has signed an agreement with Bermuda to spend $15 million in the country. It will be providing college-level studies on blockchain and investment in companies based on the technology. Probably, Binance will start the course somewhere around summer and will focus on software engineering and compliance through the help of Professors that would be paid adequately.
An official of the Bermuda Business Development Agency, Sean Moran, said, “We’re hoping this fintech push mirrors the success we had with the insurance industry in the eighties. You have to continue to find what’s next.”
Amidst global uncertainty over digital currencies, Bermuda has taken a bold decision which should not be discounted. Although it is a small nation yet, its implications can change the behavior of many traditional countries.