Bermuda accelerates economic development with blockchain and cryptocurrency capabilities
The prime minister of Bermuda has announced three significant developments for the island's economy, including a new agreement with the blockchain firm Medici Ventures.
In an announcement today, David Burt, Bermuda's prime minister and finance minister, unveiled three major developments for the island nation, two of which are based on blockchain agreements and giant cryptocurrencies and are part of Burt's FinTech strategy. Boost the economy of Bermuda.
First, S & P Global Ratings raised the Bermuda credit to positive, affirming its "long-term sovereign credit A + and senior unsecured debt ratings", the first update of the country's credit rating since 2010. According to the statement, S & P also confirmed "short-term a-1 ratings and its AA + convertibility assessment".
The improved credit rating reflects the outlook for Bermuda and the growing economy, rewarding a period of positive real economic growth in Bermuda at a time when the country's fiscal deficit has also been reduced.
The second development is a continuation of Bermuda's active strategy to form FinTech, blockchain and virtual currency capabilities. The government's objective is to define a "third pillar" of the industry based on the FinTech sector to complement its existing economic base of financial services and tourism.
Bermuda has already formed substantial links with the Binance cryptocurrency exchange as part of its FinTech initiatives. A recent memorandum of understanding (MoU) established 15 million Binance funds for Bermudan programs for education and blockchain startups.
In the latest announcement, Binance has pledged to create 40 jobs by developing its compliance base in Bermuda; he also affirmed his intention to develop an exchange of cryptocurrencies there "as soon as practical".
The third announcement is that of a new memorandum of understanding with the blockchain company Medici Ventures, which is committed to making Bermuda its "laboratory for the most important blockchain innovations that come from a stable of a dozen blockchain companies".
Medici wants to create at least 30 jobs in Bermuda for three years and nurture a portfolio of software development engineers. The developer, investor and incubator of the blockchain technology has also committed to the future development of a trading platform for security tokens in Bermuda.
On April 27, the government of Bermuda, led by Burt, successfully approved new legislation for ICOs and cryptocurrencies with the aim of creating a regulatory framework to encourage the significant interest that surrounds them.
The positive economic outlook for Bermuda is likely to be reinforced by its aggressive initiatives for FinTech, blockchain and cryptocurrencies, and could make the small country a prosperous digital center.