18 October 2019News

Bermuda to accept digital currencies for taxes and services

Bermuda will begin accepting 1:1 US dollar-backed digital currencies for the payment of government taxes, fees and services, according to Premier David Burt.

Burt was speaking at the Bermuda Tech Summit this week, titled Focused on the Future and hosted by the Bermuda Business Development Agency (BDA) and FinTech Bermuda.

The move is an attempt to ensure Bermuda remains at the cutting edge of the global fintech industry.

Burt said: “We know that embracing new technology is necessary for the future growth of our economy, and so, in Bermuda, we are making sure that we are leading the world in facilitating innovation. If existing and new businesses cannot innovate in Bermuda, they will find other jurisdictions to innovate meaning Bermuda will lose out on opportunities.”

Jeremy Allaire, CEO of Circle, the cryptocurrency platform, said: “To build our international business we needed to find a jurisdiction that understood the breadth of digital assets and the scope of what we want to achieve. Bermuda is way ahead than any other country in this regard.”

Andy Burrows, CEO of the Bermuda Development Agency, said: “Bermuda has long been a domicile of choice for insurance, asset management and trusts amongst many other industries, thanks to the stability, quality and ease of doing business it offers. A combination of these same features, along with our future-focused approach, are now attracting technologists and innovators, the likes of whom are with us today.”

The Bermuda Tech Summit is part of Bermuda Tech Week 2019, which includes Argo Group, ChainThat, Conyers, Appleby, Walkers and Xceedance among its sponsors.