Bermudas plan relaunching their economy with new ‘stimulus token’

The island continues its development in the sphere of crypto adoption

The Government of Bermuda has mentioned the fact of its partnership with stablecoin platform, Stablehouse. Together they hope to roll out a pilot program for a digital “stimulus” token, targeting both residents and merchants within the islands.

According to The Royal Gazette, the idea of such program implementation has been fastened by the COVID-19 pandemic. In frames of this program, the government plans to introduce the option of food and other products buying retail sellers in order to reinforce the contactless payments system.

Moreover Bermuda government plan using tokens for the distribution of payments to those who have right for financial assistance in frames of COVID-19 pandemic aspects.

All the transactions will be conducted via a digital wallet controlled though a mobile app. Assets in this app will be transferable to vendors via QR codes and point-of-sale devices.

Philippe Bekhazi, chief executive officer of Stable house, mentioned the following:

“What we are proposing is bypassing all the middle-men, bypassing the banks, and airdrop what is basically an IOU from the government to the people. You will go to a website and register your ID, and the Government will airdrop to you a certain amount of money. It will be immediate and you will have it on your phone wallet.”

The Premier of Bermuda, Edward David Burt, told local media outlets that the island plans to become the leader in the sphere of private digital sector solutions.

Bermuda became the first government to get the USDC stablecoin as tax payments.

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