The Bahamas has made strides to be another crypto-friendly nation enacting a legislature that supports the use of digital assets.
According to a white paper published by the Bahamas government on the national strategy for digital assets until 20267, the country is set to allow tax payments from its citizens in crypto. The document was officially released on April 20, a week before the Crypto Bahamas conference hosted by the FTX cryptocurrency exchange.
Bahamas to become Digital Asset Hub in the Caribbean
FTX relocated its headquarters to the crypto-friendly Bahamas last September. It stated that a “progressive and forward-thinking crypto bill” capable of regulating the country’s industry encouraged the move. The Crypto Bahamas conference will have guests like U.K. Prime Minister Tony Blair, former U.S. president Bill Clinton, and NFL quarterback Tom Brady in attendance.
Commenting on the announcement, The Bahamas’ prime minister Philip Davis stated the vision was to transform the country into the leading digital assets hub in the Caribbean. Crypto-friendly Bahamas plans to execute this by working with the country’s central bank and the private sector.
Residents will use cryptocurrency to pay taxes or use the world’s first central bank digital currency (CBDC). As an incentive to encourage the use of the country’s CBDC, the Sand Dollar, the Bahamas government plans to work on giving citizens access to crypto with the Bahamian dollar.
Bahamas Establishes Digital Asset Council and Digital Asset Advisory Council
“The Future of Digital Assets in the Bahamas” white paper also states that the Caribbean nation will establish a digital asset council chaired by its prime minister.
Moreover, the Bahamas government will set up a digital asset advisory panel consisting of experts in the digital asset space whose role will be “to keep digital assets and related digital developments, emerging trends, and associated risks constantly under review.”
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