Why are the Bahamas Looking Towards Blockchain?

Why are the Bahamas Looking Towards Blockchain?

Bahamas government is taking various steps to boost the local jobs and the economy. Since the country is known for its excellence among the Caribbean countries, it is looking forward to being the silicon of the Caribbean. In this regard, the country aims to make the nation a technology hub and integrate blockchain. Whether that’s the domestic or the international investors, it is looking forwards to make the country the blockchain hub in the region.

Technology is one of the best to come in the modern age. The country views blockchain as the technology of the future and as it has already been adopted by various technology companies, a sizeable investment will not go to waste. In addition to that, the government intends to make technology another factor of the economy, and help it to diversify it. It will not just bring innovation, but create more jobs, and assist the government to lessen the unemployment rates in the country.

Why are the Bahamas Looking Towards Blockchain?

Since the new technology will need new innovative workers and technicians, the young people who leave the country to seek jobs elsewhere can find them at home. This will generate more income for the region, and a sense of security for the young people.

In this regard, the reports are that Freeport can be this hub of the new technology. It’s the second largest of the country islands, which also has a bustling business environment. In addition to that, the country’s favorable laws in taxation, and income tax are some of the best reasons that will appeal to the investors. In this case, the preference will be given to those who choose the Bahamas as their center for their data centers and allow the operation from there. Though the consensus hasn’t been reached on various things, it appears as the country is on the fast-track mode.

In addition to that, the Bahamas will also diversify and make lenient its various legislator framework to facilitate the industry smoothly. In matters of the Visa, the country will offer a fast-track visa process that makes it more convenient, and easier for those coming to invest in the region. In addition to that, the government of the country will also be sponsoring the students that are interested in studying the IT sector. The efforts are already in place to promote blockchain-based companies. Besides that, it will also serve as a bridge to introduce the country’s digital currency. Since this is the technology that will be used to transact the digital currency.

Why are the Bahamas Looking Towards Blockchain?

The government intends to make sure that the service costs can be reduced to offer the Bahamians the best banking experience. Since the population is scattered across the 21 islands, banking services become scarce. So, in this case, the adoption of digital currency and the blockchain will be a boon. In addition to that, the reduction of cash is likely to reduce money laundering as well as other illegal financing activities.

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