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
Market overview of the main cryptocurrency pairs for the current week (from 08/13/2018 to 08/19/2018)
In today's review, as always, we summarize the past week and analyze the overall price dynamics.
Bitcoin: 22% of coins in the hands of speculators
According to Chainalysis's recently updated annual study, "long-term investors sold about $24 billion of Bitcoin to new speculators between December 2017 and April 2018, with half of the sales occurring in the month of December alone. This unprecedented injection of liquidity is responsible for the price decline during that period." Obviously, when holders sell a financial product, its price falls, and it can fall quite significantly.
