The Bermuda government has created a cryptocurrency development department. During a press conference on Wednesday, the island's Premier David Burt and Homeland Security Minister Wayne Kyne announced the creation of a working group aimed at creating an enabling environment for cryptocurrency and ICOs.
The task force consists of two groups - the blockchain legislative and regulatory affairs working group and the blockchain business development working group, which will also work on development of the technology, according to the press release.
John Naroway, chairman of the blockchain business development working group, said:
"There are huge opportunities in the cryptocurrency space and these opportunities need to be seized as soon as possible."
In addition, the Bermuda Business Development Agency (BDA) is working with the government on to expand the project.
According to Ross Webber, CEO of the BDA, this collaboration is aimed at attracting new business to the island, increasing GDP and creating new jobs in this area.
Premier Burt also spoke about plans to create an accounting system based on blockchain technology.
According to https://www.coindesk.com
You May Also Like
The fall of Bitcoin has caused shares of companies related to it to collapse
Shares of cryptocurrency-related companies fell as Bitcoin fell. Quotes of Coinbase, MicroStrategy and Galaxy Digital dropped significantly.
SEC Approves "Revolutionary Bitcoin ETF"
The US Securities and Exchange Commission has approved the creation of an ETF from Volt Bitcoin Revolution. It will give investors the opportunity to purchase shares of companies that hold Bitcoin on their balance sheets or make profits from transactions with the first cryptocurrency.
