NASSAU, BAHAMAS — The government is seeking to ensure there is a more “flexibility” to allow Bahamians to be able to participate in the cryptocurrency and digital assets framework, Attorney General Ryan Pinder said yesterday.
During an Office of the Prime Minister press briefing yesterday, Pinder noted that the government is committed to working with local regulators to ensure that Bahamians are able to invest in cryptocurrencies using Bahamian dollars.
Pinder said: “One of the issues with Bahamians being engaged in the industry has to do with exchange control. The Central Bank takes the position that you need to convert your Bahamian dollars through the international currency market and the legitimate framework in order to invest those in whatever you want to invest in and in this case digital assets. That has always in my view been a serious impediment to Bahamians having foreign investment because of the premiums charged, the process and the bureaucracy.”
He added: “One of our commitments in the White Paper is to work with the Central Bank to ensure that we can have a more flexible framework for Bahamians to be able to participate utilizing B-Dollars in the crypto currency and digital assets framework. The Central Bank has their thoughts and we have ours and we hope that at the appropriate time we will come together on the issue.”
The government is aiming to “substantially” grow the digital assets sector in The Bahamas within the next three years, according to a White Paper tabled yesterday.
While addressing Parliament on the issue on Wednesday, Prime Minister Philip Davis said it is his government’s vision to transform this nation into the leading digital assets hub in the Caribbean.
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