Blockchain Adoption in Bermuda to Open Up Global Financial Inclusion

Denis Pitcher, the chief fintech advisor to Bermuda’s Premier, decided to talk about the blockchain adoption being enabled into his country. These are his words on the matter:

“In the summer of 2018, we launched a comprehensive regulatory framework to provide clarity and leverage. We introduced a principle-based framework that allowed us to define more of a scope around a business plan as opposed to specific activities.

That allows you to have the flexibility to focus on managing risks of what's new in this space.”

Bermuda to Build a Bridge to Economies Overseas

Pitcher is hoping to come up with a system that makes things easier for people living in Bermuda when it comes to spending digital currency received from the government, also to build a bridge to economies overseas. He said:

“By allowing the government to accept it [digital currency], it provides an opportunity for merchants to start saying, ‘Well, I can look at accepting digital dollars.

So, taxi operators, tourism operators, commercial businesses have a place to actually spend, which means that you're not going to have to fall back to the traditional financial system.”

He also hopes ordinary people from the island will be introduced to the international financial ecosystem, saying that:

“Our history allows us to really understand financial services. But the challenge that comes from this is that when it comes to access to financial services, Bermudians are largely excluded.

We don't have access to PayPal, Revolut or Square and in order to actually get access to the Apple App Store we buy credit or gift cards. We’re too small. Nobody cares about 60,000 people.”

By having a plan for digital currency, he believes Bermuda is going to be more than just a supplier for a financial product and become a money powerhouse without any help.

What are your thoughts on blockchain being the center of financial inclusion around the world? Is it the ultimate tool or only one piece of the puzzle?