Prime Minister of The Bahamas Dr. Hubert Minnis officially opened the first Bahamas Blockchain and Cryptocurrency Conference in Grand Bahama yesterday where he indicated that The Bahamas has the potential to soon be the “Silicon Capital” for technology in the Caribbean region.
During his address, Dr. Minnis emphasized that there is no reason why blockchain technology companies have their eyes on global markets, cannot “have their base of operations here in The Bahamas.”
“Companies that utilize blockchain technology as a basis for their new products and services represent the genesis of a new wave of solutions that we believe will change the world as we know it.
The Prime Minister has strong sentiments as it relates to the evolving world of technology stating that he, “firmly believes in growing a diverse technology industry sector in the Bahamas where entrepreneurs can start and grow new technology companies.
“We must also welcome existing global technology players to move their operations to The Bahamas, both of which, will have a meaningful impact on our economy and can be achieved in a relatively short period of time,” Dr. Minnis said.
Highlighting that The Bahamas’ attractions for new technology companies are the mere fact that the country is only 68 miles from the United States.
“There is no reason why these new blockchain technology companies that have their eyes on global markets, cannot have their base of operations here in The Bahamas.
“My government is committed to establishing the proper regulatory framework to ensure that incorporating, funding, and operating technology companies that have global ambitions is a relatively easy process,” he confirmed.
He also stated that significant progress has been made with the passing of the Commercial Enterprise Act and the ongoing ease of doing business changes and amendments.
Outlining several components, the country must adhere in order to build a thriving technology sector which can benefit the country are:
Policies that encourage innovation, an educated and motivated workforce with access to higher education and professional development resources, a flexible immigration policy and locations and infrastructure that can support population growth and provide broadband access and telecommunications services that are on par with the rest of the world.
According to Dr. Minnis, Grand Bahama was designed and has the infrastructure to support two hundred and fifty thousand residents, which lends to it being the ideal location in The Bahamas to support the establishment and growth of a technology cluster of blockchain and other software companies that can jumpstart the technology industry in The Bahamas.
“I do not think it would be too far-fetched for me to say that the next generation of Bahamian millionaires, and possibly billionaires, could earn their wealth in the technology sector.
“We are well positioned to become the new Silicon Capital of the Caribbean,” he added.