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DPM touts blockchain benefits

The Ministry of Finance will shortly convene the first meeting of the National Blockchain Strategy Committee, with Deputy Prime Minister and Minister of Finance Peter Turnquest highlighting the need for the country to capitalise on the emerging technology. 

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TheBahamasInvestor.com
Monday, July 30, 2018
Monday, July 30, 2018

The Ministry of Finance will shortly convene the first meeting of the National Blockchain Strategy Committee, with Deputy Prime Minister and Minister of Finance Peter Turnquest highlighting the need for the country to capitalise on the emerging technology.

“Blockchain, while still in its early stages, is a pivotal technology that is shaping our 21st century future,” he said. “Indeed, it has already reshaped the future of financial services.”


The National Blockchain Strategy Committee is set to meet in early September to “guide the selection and implementation of blockchain initiatives within the public and private sectors”, according to Turnquest.

“As a government we are intent on being at the forefront of these changes so we can harnass the power of technology to facilitate innovation and economic growth in The Bahamas.”

The Minister also spoke of how the adoption of blockchain technology can improve the country’s business landscape, saying: “Similar to the internet, which allowed smaller countries to leapfrog into the future, blockchain has the potential to dramatically improve the ease of doing business with the government and to create entrepreneurial opportunities for Bahamians.”

The Committee’s objective includes examining how best to accommodate the disruptive technology amid concerns over regulatory issues. “We want to demonstrate what is possible and to make sure the legal and regulatory framework is in place to unleash opportunities to the private sector,” said Turnquest.

“We have a long way to go but our intention is to have a clear roadmap.”

Foreign Direct Investment (FDI) inflows to The Bahamas totalled $928m last year, making the country one of the most successful in the Caribbean at attracting investment.

As temperatures soar in The Bahamas, TheBahamasInvestor.com is taking a short summer maintenance break. News Service will resume as normal from August 14.

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