Davis: Introduction of digital currency in Caribbean has potential to leap-frog us into the future
NASSAU, BAHAMAS — The Bahamas still has “much to do” to catch up with the rest of the world to create the desired digital economy and infrastructure, according to Prime Minister Philip Brave Davis.
Davis, who was addressing Crypto Isle’s conference on the “Future of money in the Caribbean”, said: “We still have much to do to catch up with the rest of the world to create the kind of digital economy and infrastructure that is essential to support our aspirations.
“We still have a long way to go to develop the digital ecosystem that will provide the kinds of products and services our people long for.”
He added: “We can make a start, and the arrival of digitally-based money here in the Caribbean, I believe, has the potential to help us leap-frog into that future.
“We start with the promise of greater inclusion. We are an archipelagic country and region, and we must do all that we can to ensure that we include every person on each of our islands.
“As things currently stand, we have a large unbanked and unbankable economic community. A future where digital money lessens the reliance on and fills the gaps left by foreign banking partners fulfils both immediate and future needs. This has to be a good thing.”
Crypto Isle, the nation’s first crypto hub, is aiming to drive the advancement of digital assets and technology by providing a deep knowledge base for the beginning crypto enthusiast and a community for seasoned industry leaders to connect, network and build.
The Bahamas is not and must not be afraid to be first.
– Prime Minister Philip Brave Davis
The prime minister noted that his administration will invest in education to produce the necessary intellectual capital to produce high-quality digital products and services.
“We intend to expand the development and use of artificial intelligence,” said Davis.
“We will incentivize the Bahamian-owned iGaming industry to help it compete globally. We will ensure access to devices and data within centralized community centers. We will provide a world-class, optimal environment for cryptocurrencies and blockchain technology.
“We will establish a High Technology Zone, where Bahamian technology experts partner with foreign entities to produce global tech solutions.
“In all of this, The Bahamas is not and must not be afraid to be first. We have led the region, and dare I say the world, with the introduction of our Sand Dollar.
“My administration already leads the region in attracting major crypto-exchanges and related players.”
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