Bermuda Hopes to Become First National On-Chain Economy

Summary

Premier David Burt explains Bermuda's plan to become the world's first on-chain economy through stablecoin integration, a digital dollar on Stellar, and a regulatory framework that attracts major crypto firms. The discussion covers USDC adoption, government fee pilots, and Bermuda's role as a sandbox for digital asset regulation.

• Bermuda aims to become the first national on-chain economy, integrating blockchain payments across government and businesses.
• The government has piloted USDC airdrops to residents, DMV fee payments, and built a Bermuda digital dollar on Stellar.
• Bermuda's Digital Asset Business Act (2018) licenses major crypto companies including Coinbase, Kraken, and Circle.
• The Premier argues Bermuda's small size allows nimble regulatory innovation, serving as a sandbox for global digital finance.
• USDC was chosen for its ease, but a privately-issued digital Bermuda dollar is being developed to coexist with USDC.
• Bermuda is actively sharing its regulatory experience with U.S. authorities, including Congress and the SEC.