The partnership builds upon previous work Bermuda’s government has done to attract crypto companies, including the passage of a comprehensive regulatory framework in 2018.
The government of Bermuda plans to pilot elements of a “fully onchain” digital economy using blockchain infrastructure from Coinbase and Circle, starting with stablecoin payments and tokenization tools across select public-sector and financial services.
Bermuda has positioned itself as a crypto-friendly jurisdiction since passing the Digital Asset Business Act in 2018, a comprehensive regulatory framework designed to attract digital asset companies, including Coinbase and Circle.
In a Monday announcement from the World Economic Forum Annual Meeting in Davos, Switzerland, Bermuda Premier David Burt and representatives from Coinbase and Circle said the partnership would allow the Caribbean island nation to use the USDC (USDC) stablecoin and Coinbase’s Base infrastructure to develop a new model for the country’s economy.
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