Denis Pitcher hopes that the country's decision to accept digital dollars could bridge Bermuda's economy with the world's.
Denis Pitcher, the chief fintech advisor to Premier David Burt of Bermuda, has big dreams for building a crypto and Blockchain ecosystem in the tiny island nation. According to a recent interview he conducted with CoinDesk, Mr. Pitcher believes that the creation of this ecosystem could bridge Bermuda's economy with the rest of the world.
Mr. Pitcher's comments focused around the implications of the fact that the government of Bermuda announced late last year that it would be accepting digital currency payments in USD-backed digital currencies that are licensed by the Bermuda Monetary Authority.
"By allowing the government to accept it, it provides an opportunity for merchants to start saying, 'Well, I can look at accepting digital dollars,'" he told CoinDesk.
He believes that this could eventually cause merchants to start using digital currency as well: if the government accepts digital currency Payments, then "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 explained.
"We don't have access to PayPal, Revolut or Square"
This, he hopes, will eventually act as a pathway into the global economy, which Bermuda has remained somewhat isolated from: "our history allows us to really understand financial services," he said.
"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."
Bermuda has been moving toward the blockchain industry since 2017
Bermuda put itself on the map as one of a string of microstates that were taking big steps toward the cryptocurrency industry in 2017, when it launched a blockchain task force in conjunction with the Bermuda Business Development Agency in late 2017.
Then, in 2018, the country announced a comprehensive regulatory framework for crypto. Because Bermuda's population is roughly 60,000 people (and its government is accordingly small), the country was able to move quickly to create legislation for cryptocurrency.
We just launched Nakamoto, Ltd., a captive insurance company licensed in Bermuda. @Gemini Custody™ now has the most insurance coverage of any crypto custodian in the world! ? https://t.co/U0JtXtHVWk
Last month, Winklevoss-founded crypto exchange and custodian, the Gemini Trust Company, launched Nakamoto Ltd., captive insurance company licensed by the Bermuda Monetary Authority (BMA) to insure Gemini Custody.
Denis Pitcher, the chief fintech advisor to Premier David Burt of Bermuda, has big dreams for building a crypto and Blockchain ecosystem in the tiny island nation. According to a recent interview he conducted with CoinDesk, Mr. Pitcher believes that the creation of this ecosystem could bridge Bermuda's economy with the rest of the world.
Mr. Pitcher's comments focused around the implications of the fact that the government of Bermuda announced late last year that it would be accepting digital currency payments in USD-backed digital currencies that are licensed by the Bermuda Monetary Authority.
"By allowing the government to accept it, it provides an opportunity for merchants to start saying, 'Well, I can look at accepting digital dollars,'" he told CoinDesk.
He believes that this could eventually cause merchants to start using digital currency as well: if the government accepts digital currency Payments, then "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 explained.
"We don't have access to PayPal, Revolut or Square"
This, he hopes, will eventually act as a pathway into the global economy, which Bermuda has remained somewhat isolated from: "our history allows us to really understand financial services," he said.
"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."
Bermuda has been moving toward the blockchain industry since 2017
Bermuda put itself on the map as one of a string of microstates that were taking big steps toward the cryptocurrency industry in 2017, when it launched a blockchain task force in conjunction with the Bermuda Business Development Agency in late 2017.
Then, in 2018, the country announced a comprehensive regulatory framework for crypto. Because Bermuda's population is roughly 60,000 people (and its government is accordingly small), the country was able to move quickly to create legislation for cryptocurrency.
We just launched Nakamoto, Ltd., a captive insurance company licensed in Bermuda. @Gemini Custody™ now has the most insurance coverage of any crypto custodian in the world! ? https://t.co/U0JtXtHVWk
Last month, Winklevoss-founded crypto exchange and custodian, the Gemini Trust Company, launched Nakamoto Ltd., captive insurance company licensed by the Bermuda Monetary Authority (BMA) to insure Gemini Custody.
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
Broadridge to Bolster Prometheum's Digital Asset Securities Infrastructure
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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