David Burt, Bermuda Premier and Minister of Finance, has announced the creation of a crypto-accepting bank. He will reveal more details next week.
The blockchain technology can develop and improve the banking industry. Over a month ago, RnF Finance Limited announced the creation of the first blockchain bank in Malta. Now, we know that Bermuda is also doing something in that matter.
Cryptocurrencies and banks
Bermuda is a British Overseas territory, placed on the North Atlantic Ocean. It is another place, where digital coins will be developed.
David Burt is the premier of Bermuda. He was appointed by the Governor of Bermuda, as a representative in Bermuda of the British monarch.
Burt made the announcement during the one on one interview with Priya Patel, a BBC journalist. It happened at the World Economic Forum in Davos, Switzerland.
Yesterday in @Davos at the #EtheralDavos lounge I participated in a fireside chat with Priya Patel of @BBCNews where I discussed #Bermuda's leadership in #FinTech regulation. pic.twitter.com/qJeGC5zNq8
— Premier David Burt (@BermudaPremier) 25 stycznia 2019
Quality over quantity
The discussion was mostly about the importance of focusing on quality in business. According to Burt, that has been the biggest concern if it comes to cryptocurrencies. The Bermuda premier said:
“I’m proud to say that next week we’ll be making an announcement revealing that a bank will be set up in the country that will start accepting crypto and blockchain companies.”
According to some rumors, the whole case concerns Arbitrade, a Bermuda-based cryptocurrency exchange platform. As of today, there isn’t any official confirmation on that topic.
Bermuda is well-known as one of the biggest offshore financial centers. This Atlantic country offers probably the most important thing for crypto industry: anonymity. We may hear a lot more about cryptocurrencies in Bermuda in the near future.
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