Bermuda Dives Deeper Into Crypto With Stimulus Coin Test Programme

(Bloomberg) Bermuda is taking another step toward embracing cryptocurrencies. The North Atlantic chain of islands is testing a digital stimulus token, which can be used to buy food and other essentials.

The pilot program was started in July with 20 people and one local shop, and it is being gradually expanded. The stimulus token is a so-called stablecoin, which aims to keep its value from fluctuating much and is backed by bank deposits. The coin, created by the Stablehouse coin clearing firm, was designed to be used by businesses the government wants to help.

Bermuda is already accepting tax payments and fees in another stablecoin, USD Coin. The island has also met with Libra, the Facebook-led crypto project that’s yet to launch, according to Premier E. David Burt.

Read more at: Bloomberg

Source: CARICOM TODAY