Bermuda minister says the devaluation of crypto prices will not impact goal

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Bermuda seeks to become a Digital assets hub in the world via the adoption of the crypto industry with perfect rules and regulatory framework.

Crypto adoption is increasing day by day among retail investors because of its real use cases in real life. Recent years are real witness that crypto adoption is no more limited to the retail investors, instead, adoption can be seen at government levels, for example, in El Salvador & Central African Republic (CAR). 

Recently Jason Hayward, minister of economy and labor in Bermuda, passed his comment regarding the current critical situation of cryptocurrencies and noted that these significant downfalls in the prices are not big issues instead these situations are opportunities where we can grow with the adoption under regulatory frameworks. 

Minister added:

“We are aware of the recent devaluation in the price of cryptocurrencies and remain confident that it does not threaten the island’s ability to become a crypto hub. This industry downturn is likely to advance our goal and positively impact our long-term growth and role in this sector.”

According to available data and reports, 27% of the economy of Bermuda depends upon the global business, more importantly, financial activities via international trades. So under these situations, it is expected that Island may achieve better growth shortly if the crypto assets industry will get better regulatory approval, to allow the citizens to use under fair policies instead of restrictions based systems.

As per reports, if Bermuda will adopt a similar kind of framework, which is expected from the whole world as per the statement of the Bermuda minister then there are huge chances that the jurisdiction of Bermuda will create significant competition against Malta and Liechtenstein.

Interestingly here it is worth noting that the majority of the crypto critics always remain against the volatility in the price of crypto assets but here Bermuda govt Official looking at this thing as an opportunity.

Read also: New US bill force Congress members to disclose crypto-investment