Bermuda plans to turn itself into what it calls the “world’s first fully onchain national economy,” with backing from stablecoin giant Circle and crypto exchange Coinbase.
Under the plan, outlined in a Jan. 19 press release from the Government of Bermuda, Circle and Coinbase will provide “digital asset infrastructure and enterprise tools” to the government, as well as banks, insurers and local businesses, while also supporting education and technical onboarding.
“An onchain economy means using digital assets as an everyday financial infrastructure. For a country like Bermuda, a highly entrepreneurial economy with thousands of local businesses, traditional payment rails are expensive and restrictive,” the press release states.
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