Bahamas’ citizens will be allowed to access crypto with CBDCs

The citizens of the Bahamas are closer to paying taxes in cryptocurrencies in the next few years.

The Bahamas known officially as the Commonwealth of The Bahamas, which is a sovereign country within the Lucayan Archipelago of the West Indies in the Atlantic. In 2020, Bahamas launched its Central Bank Digital Currency (CBDC), or say Bahamas sand dollar. Now the country is working to outline the framework to bring the proper use cases of CBDC. 

According to a recent published whitepaper, which outlines the national digital asset strategy until 2026, the government will start to allow the citizens to access digital assets, like Bitcoin, and Ethereum with the help of the “Bahamas sand dollar” as a use case of national digital currency.

Philip Davis, Bahamas prime minister, stated that it will push the Bahamas to lead the digital innovation-based initiatives in Caribbean.

“We have the vision to transform the Bahamas into the leading digital asset hub in the Caribbean.”

This whitepaper was published just one week before the “Crypto Bahamas Conference”, which was hosted by the leading crypto exchange FTX. The whole conference was all about the adoption of the crypto and blockchain industry. In the conference, the main guests were former U.K. Prime Minister Tony Blair, former U.S. President Bill Clinton, and National Football League quarterback Tom Brady.

In September of last year, the FTX exchange shifted its headquarters to the Bahamas. At that time, Sam Bankman-Fried, the chief executive officer of FTX crypto exchange, stated that the decision was based on the progressive and forward-thinking crypto bill”, which can bring better regulation to the crypto industry. Such kind of steps by the crypto exchanges toward particular countries is a hint that not every country is aware of the potential of the crypto and blockchain industry. 

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