Bahamas news

Central Bank plans to issue own cryptocurrency. Use of a Central Banked Digital Currency (CBDC) to help families in places where no banks are present. Last updated: June 26, 2018.

World latest news

'A Fintech Bank': Deltec International Looks To Make The Bahamas A New Tech Hub

Deltec International Group held its annual conference in Nassau, Bahamas last week, bringing fintech, regtech, and blockchain companies from all over the world to the island nation. The company looks to serve as a hub of innovation and facilitator of business in the Bahamas, a country that is keen on taking advantage of what an increasingly digital banking world could do for the country. “Deltec is a forward-looking bank that banks with companies that are on the cutting edge of different technology sectors and believes you have to understand the impact of disruption [to be at the] forefront [of] innovation,” keynote speaker and fintech expert Henri Arslanian told Benzinga at the conference. “Deltec is moving in the direction of what some might call a ‘fintech bank’ — and that’s because there is no other choice but to adapt,” said Deltec Bank Chairman Jean Chalopin told Benzinga. “Companies work with us because they believe we offer something different. We need to be fully reachable all over the world 24/7 in order to adapt to the needs of users and clients. That’s why we need to build on the user experience and innovate through new technology as well.” A level playing field is needed for small countries, he said. The goal of Deltec's annual conference is to show that with technology, a company can be in a small corner of the world and compete just like the major players in Silicon Valley. “We want people to see that Deltec can be an engine and a voice to change the perception of The Bahamas. ...Full story available on

Central Bank of the Bahamas Selects Blockchain Startup NZIA for Digital Currency ProjectImage: A scattering of money from various Caribbean countries, Wikipedia

The Central Bank of the Bahamas has selected NZIA Limited as the technology solutions provider for its Project Sand Dollar, a project aimed at developing a blockchain-based central bank digital currency. NZIA will be responsible of designing and implementing the digital fiat currency system for the Bahamas, the central bank said on March 1, 2019. […] The post Central Bank of the Bahamas Selects Blockchain Startup NZIA for Digital Currency Project appeared first on Coinjournal.

PO8 Company out of Bahamas to Use Blockchain to Look for Lost Artifacts in the Ocean

Does the idea of looking for forgotten riches under the ocean excite you? It surely did for the folks at the Bahamian tech company PO8. The Caribbean company has developed a blockchain project that is quite creative and different from most of the other uses we often see. PO8 is using the blockchain in order to register the data of excavated sunken artifacts in the Bahamas. The project uses the blockchain tech in a very unique way as it uses technology to find the sunken ships and also the blockchain as a way to manage the information. Each artifact that is found out by the project will be put on a Non-Fungible Token (NFT) that will convert the rights from the objects into cryptos for the owners who financed the operations of rescuing the treasures. NFTs will digitize the value of the treasures found, which will make them easier to sell in the world market. The actual objects, then, will be stored in the PO8 Musem Foundation, located in the Bahamas, and people will be able to see them while others will remain with their digital ownership. The project would not be trustworthy without a great team, right? PO8’s marine archeology team will be led by David Gallo, while the recovery team will be spearheaded by Troy Launay. Both of them have extensive credentials to run the project. A Project That Will Contribute To The Economy A very important aspect of this project is that it is set to have a huge impact on the economy of the Bahamas. According to reports, the project will contribute with $60 million USD a year for the economy of the region and, during the peak seasons, more than 100 jobs will be created by the company. A lot of shipwrecks have occurred in the region and some of them contain very precious metals, so recovering them would be a very profitable enterprise. Studies show that the shipwrecks have sunken treasures which can be worth at least $100 billion USD. Also, some of the metals found in the shipwrecks will be sold and used for the marine ecosystem restoration of the reefs in the region. The idea is without problems, though, as some other companies, like Shinil Group, which has the same idea of tokenizing the assets found deep in the ocean, has been accused of defrauding investors. Projects like this one really need a lot of trust from the investors or they risk becoming failures.
Bitcoin Exchange Guide

Caribbean Blockchain Alliance (CBA) Looks To Turn Bahamas Into A Distributed Ledger Leader

Caribbean Blockchain Alliance (CBA) Looks To Turn Bahamas Into Leader In Blockchain In the financial industry, whether with cryptocurrency or fiat currency, there’s continual competition to be on top of the game, and to maintain a place there. As the Caribbean Blockchain Alliance (CBA) has examined the blockchain industry, they’ve decided to become the next leader, using the Bahamas as their place to settle down, according to a report from the Nassau Guardian. The CBA believes that, “Blockchain will be one of the most important technological tools in the near future,” says the Nassau Guardian. The founder, Stefen Deleveaux, issued a press release that announced a partnership between an Inter-American Development Bank (IDB) and Blockgeeks. They will be working with CBA and the University of the Bahamas as the hosts for a “hackathon” event. The even would coincide with a course on decentralized tech development, which would be attended by 25 Bahamian citizens. Participants in the court would have a certificate of completion posted to the blockchain. Deleveaux said, “Blockchain technology is seen as the next step in Internet and financial technology, in what many describe as Web 3.0. There is a huge opportunity to use this technology to improve public and private services in this country. In addition, competent blockchain developers are in high demand, in an industry that almost guarantees access to a high-income job or potential project. One of our goals is to build a cohort, and eventually multiple cohorts, of proficient blockchain developers. This is primarily because the technology itself will be extremely important in terms of software infrastructure.” Island governments, as of late, have started to adopt cryptocurrency and blockchain technology at a rapid pace, and there are many countries that want to have the title of “blockchain island.” Around the middle of the year, the Bahamas took a step forward in that journey by announcing their intention to issue a digital currency of their own, promoting economic development. The most well-known DLT-friendly country is Malta, which is also the current leader in both decentralized technology and the adoption of crypto. They managed to be one of the biggest drivers in the industry, becoming the first country with holistic legislation to regulate DLT technology. They were also responsible for two acts, the Virtual Financial Assets Act (VFA) and the Innovative Technology Arrangement and Services Act (ITAS), that help with the regulation of this industry. So far, the plan set forth by Marshall Islands for crypto adoption isn’t entirely supported. The President, Hilda Heine, announced the decision to proceed, but some of the country’s senators only offered a “no confidence motion.” To make matters worse, neither the U.S. nor the IMF agree with the plan set in motion by Heine.
Bitcoin Exchange Guide

The Bahamas Plans to Become a Leading Blockchain Hub

An NGO in collaboration with some institutions announced plans to establish blockchain developers in the Bahamas. The group also aims to place the Island at the forefront of distributed ledger technology (DLT) adoption. A Leading Blockchain Hub in the Caribbean According to The Nassau Guardian, an NGO known as the Caribbean Blockchain Alliance (CBA) is seeking to establish a group of decentralized technology developers in The Bahamas. In a press release, Stefen Deleveaux, founder of the CBA, talked about the inherent opportunities found in decentralized technology. The founder further explained thus: Blockchain technology is seen as the next step in Internet and financial technology, in what many describe as Web 3.0. There is a huge opportunity to use this technology to improve public and private services in this country. In addition, competent blockchain developers are in high demand, in an industry that almost guarantees access to a high-income job or potential project. Deleveaux also said that part of the objectives was to build several cohorts of DLT developers. The CBA founder also recognized the importance of blockchain technology in software infrastructure as the reason for the groups. Furthermore, Deleveaux announced a collaboration involving Inter-American Development Bank (IDB), CBA, Blockgeeks, and the University of the Bahamas. These four institutions would host a hackathon. Also, twenty-five Bahamian citizens would partake in a course for decentralized technology developers, from November 30 – December 1, 2018. The press release further stated that after the course, students would get a certificate recorded on the decentralized technology. Michael Nelson, who serves as IDB’s Chief of Operations, added that the bank seeks to empower Bahamian citizens. With the collaboration and the incentives in place for DLT developers, Ameer Rosic, the CEO of Blockgeeks, believes that the Island could be “the blockchain hub of the Caribbean.” Island Governments Adopting Cryptocurrency and Blockchain Technology Blockchain technology and cryptocurrency adoption are recording high among Island governments. Some of these countries go further to aspire to become “blockchain Islands.” Towards the end of the second quarter, the Bahamas announced plans to issue its digital currency. According to the Island, a state-owned virtual currency would help to improve its economic development and eliminate barriers. Malta, another DLT-friendly country, is at the forefront of decentralized technology and cryptocurrency adoption. Popularly known as the “blockchain Island,” it was the first country to have a holistic legislative framework regulating DLT technology. Furthermore, Malta introduced the Virtual Financial Assets Act (VFA) and the Innovative Technology Arrangement and Services Act (ITAS). Both Acts would regulate virtual currency and decentralized technology. However, Marshall Islands’ plan to adopt cryptocurrency isn’t receiving complete support. President Hilda Heine’s announced moves to create a virtual currency that would act as a legal tender but received a “no confidence motion” from some of the country’s senators. The IMF and the U.S. also disagreed with the president’s plan. Image courtesy of Shutterstock. The post The Bahamas Plans to Become a Leading Blockchain Hub appeared first on Ethereum World News.
Ethereum World News

Could The Bahamas Become the Next Blockchain Hub?

The Bahamas has partnered with various stakeholders to help put the island nation on the map when it comes to blockchain adoption and growth. It seems as if Malta will soon have some island competition when it comes to being a blockchain hub. The Nassau Guardian reports that the Bahamas wants to roll out the welcoming mat to blockchain developers as the technology continues to make strides all across the world. The Bahamas Eyes Blockchain The founder of the Caribbean Blockchain Alliance (CBA), Stefen Deleveaux, explained: Blockchain technology is seen as the next step in Internet and financial technology, in what many describe as Web 3.0. There is a huge opportunity to use this technology to improve public and private services in this country. In addition, competent blockchain developers are in high demand, in an industry that almost guarantees access to a high-income job or potential project. Deleveaux elaborated on how the CBA plans to be a part of this digital revolution: One of our goals is to build a cohort, and eventually multiple cohorts, of proficient blockchain developers. This is primarily because the technology itself will be extremely important in terms of software infrastructure. Deleveaux also announced via press release that the CBA will be collaborating with the Inter-American Development Bank (IDB), Blockgeeks, and the University of The Bahamas to host a hackathon. In addition, 25 Bahamian citizens will have the opportunity to participate in a two-day blockchain developers course. The announcement added that “students who successfully complete the course will receive a certificate that is recorded on a blockchain”. Success Through Collaboration Michael Nelson, who is the Chief of Operations at the IDB expressed excitement at the new partnership stating that “we are pleased to collaborate, with organizations such as CBA and UB, in helping young professionals become proficient in blockchain technology”. These types of partnerships and initiatives could potentially push the Bahamas to the front of the queue when it comes to attracting skilled talent. In fact, the CEO of Blockgeeks has said that the country could become the “blockchain hub of the Caribbean”. It seems as if island nations have more than just blockchain on the brain. In June this year, Live Bitcoin News reported on the possibility that the Bahamas would launch their own state-backed cryptocurrency. The Marshall Island is another country with plans to do the same. Its president has previously stated the government’s intention to launch the state-backed Sovereign. Do you that the Bahamas will give Malta a run for its virtual money when it comes to blockchain adoption? Let us know in the comments below! Images courtesy of Pixabay. The post Could The Bahamas Become the Next Blockchain Hub? appeared first on Live Bitcoin News.
Live Bitcoin News

Bahamas Central Bank Seem To Be Pro-Bitcoin

All across the globe, regulators have been looking up to see digital currency regulations this year and now the Bahamas are finally caught up. The Central Bank of the Bahamas has published a regulatory framework in preparations in order to implement digital currency based assets into its financial services industry. As mentioned by The Next Web, the framework aims to address many of the regulatory challenges that the Central Bank is currently associated with and the use of digital currencies such as market volatility, tax evasion, fraudulent Initial Coin Offerings and anti-money laundering policies. The Central Bank believes the digital currency space outlook on international regulation is too fragmented which makes it hard to “manage emerging risks in the fintech arena”. With this, the Central Bank is searching for a way to integrate a few amendments to regulations recommended by the likes of the International Monetary Fund. For those of you who don’t know, the International Monetary Fund is an organisation of over 185 countries which all work together to foster worldwide monetary cooperation, secure financial stability, facilitate international trade, promote more employment and better growth in the economy to reduce poverty all across the globe These amendments will look to require any business operating in, or from the Bahamas in order to: “Demonstrate safe and sound business practices; show that they have systems in place to measure, monitor, and adequately control the market and other risks; and ensure that they have in place auditable policies, practices and procedures to prevent the use of their services for criminal purposes.” It’s worth noting that anti-money laundering policies will also have to be put in place. By chance, this news comes during the same time that Thai authorities revealed they would be regulating ICOs through a dedicated portal designed to improve security, reducing fraud and aiding to facilitate due diligence. This year, regulators in Thailand have been cracking down hard on cryptocurrencies and if their latest plan is pulled off then it tightens their grip on the industry. The Thai Securities and Exchange Commision is looking to prepare its first regulated Initial Coin Offering portal later this month. It seems that many ICOs will be vetted on a case by case theory and will be added to the portal after the launch but there is no set date as of yet. What are your thoughts? Let us know what you think down below in the comments! googletag.cmd.push(function() { googletag.display('div-gpt-ad-1538128067916-0'); }); The post Bahamas Central Bank Seem To Be Pro-Bitcoin appeared first on Crypto Daily™.

Bahamas Releases Discussion Paper on Crypto-Asset Regulation

The Central Bank of The Bahamas (CBOB) has released a discussion paper proposing how it intends to regulate digital assets. This includes initial coin offerings as part of efforts to eliminate the alleged threat of tax evasion, fraud and money laundering. However, when regulation eventually comes, it is likely that only a state-issued cryptocurrency will be supported. Also Read: Nigerian Startups Call for Cryptocurrency Regulation to Stem Investment Outflows Only State-Sanctioned Digital Assets Likely to Be Allowed “The bank seeks to enhance the sector’s competitiveness without compromising the integrity or international reputation of The Bahamas, or undermining the financial safety of Bahamian households,” said the CBOB in a statement released Nov. 7. “These considerations are consistent with international best practices.” CBOB lent support to the international regulatory convention approach, which classifies virtual currencies as ‘crypto-assets’ rather than ‘cryptocurrencies’, “as (this) clearly distinguishes between central bank-issued fiat currency and private sector products such as bitcoin or ripple.” Under the proposed framework, the island nation is to amend the Payments Instrument (Oversight) Regulations of 2017 “to ensure comprehensive coverage of both Bahamian dollar and foreign currency denominated crypto payments instruments.” The financial regulator plans to limit the range of digital assets which institutions like commercial banks may transact while banning any direct convertibility between the local fiat unit – or a even a state-backed crypto-asset – and forex-denominated cryptocurrencies. Noting the decision is in line with existing exchange control laws, CBOB warned: It is likely that only central bank sponsored digital currencies, or payments instruments fully backed by central bank issued currencies or deposits will be eligible for issuance by payment services providers. Tougher Operating Requirements In June, Peter Turnquest, The Bahamas deputy prime minister, revealed his government’s plans to introduce a national cryptocurrency aimed at improving financial inclusion among the majority of the islanders who have limited access to banking services. The CBOB’s new discussion paper appears to be preparing for this eventuality, something it has referred to as “modernizing the country’s financial services sector.” The Bahamian apex bank is seeking to come up with measures to deal with issues relating to market volatility, tax evasion and money laundering, in line with recommendations from the IMF. Until now, the country’s cryptocurrency industry has been a free-for-all, operating outside international best practice, thus making it hard to “manage emerging risks in the fintech arena.” “The regulations also stress the fitness and propriety of individuals who provide electronic money services, safety and soundness of operations practices – especially when operations become systemically important,”  stated the CBOB in the paper. “Thus, any business contemplating operations in, or from within The Bahamas would have to demonstrate safe and sound business practices; show that they have systems in place to measure, monitor, and adequately control market and other risks.” The Bahamas central bank indicated the need to protect investors from ICO-related scams, now a global problem. To that extent, companies will have to prove their credibility by providing evidence to the Securities Commission of the Bahamas (SCB). The report reads: When the instrument’s purpose is to confer digital access rights as a utility token, there may be no obvious connection to the central bank’s remit, other than the application of the exchange control regulations. This would also be the case for asset-backed/security tokens, where the determined jurisdiction of the SCB may also apply. The development comes just a few days after Thailand announced that it would be following a similar course of action, regulating ICOs through a dedicated platform that is designed to facilitate due diligence, tighten security and decrease fraud. What do you think about the Bahamian proposal on cryptocurrency regulation? Let us know in the comments section below. Images courtesy of Shutterstock and The Nassau Guardian. The Bitcoin universe is vast. So is Check ourWiki, where you can learn everything you were afraid to ask. Or read our news coverage to stay up to date on the latest. Or delve into statistics on our helpful tools page The post Bahamas Releases Discussion Paper on Crypto-Asset Regulation appeared first on Bitcoin News.
Bitcoin News

Central Bank of The Bahamas (CBOB) Releases New Crypto Asset Regulation Paper to Stop Fraudulent ICOs

Initial Coin Offerings (ICOs) often suck. While it may not have looked like it in 2017, a lot of them were either scams or plain bad investments. Fortunately, some of them were good and we have companies like Augur today which are having a good share of success. In order for more companies to be successful, the Bahamas have decided to create a new crypto regulation. As reported by Nassau Guardian, the regulators of the Bahamas have decided to take a stand against fraudulent ICOs. Following the move from many countries around the whole globe, they decided that establishing a clear set of rules is a far better idea than to simply ban ICOs from the country like the United States and China did in 2017. The Central Bank of Bahamas (CBOB) has released a paper online that outlines a possible regulatory framework for this industry to follow and it is already preparing for the introduction of this whole new class of crypto financial assets in the country. According to the central bank, the key challenges will be to raise the standards of the country for cryptos to the parameters of the International Monetary Fund (IMF) for payment-focused crypto assets and to stop tax evasion and illegal cross-border action. Also, another problem that was found out by the bank is that the prices of crypto assets simply fluctuate too much due to their high volatility and that they are mostly unregulated yet, which opens a huge space for scams of several types appearing and posing as secure investments. Protecting the Investors The main preoccupation of the company, despite their efforts to stop money laundering, is to protect investors. ICOs will have to be largely regulated in the country in order to really protect the investors, so this is what the regulators are aiming at. To offer regulated ICOs in the country, which will be the only ones that will be really allowed to exist legally, the companies will have to show the quality of their product and provide proof that they are not scammers. Because of this, it is believed that the industry standards will rise in the country after the regulation finally takes effect. All businesses will have to follow the Payments Instrument (Oversight) Regulations of 2017 that addresses many of these concerns for the protection of the consumers. Providing liquidity, that they are not scams, soundness of operations and competitive practices will be required for the companies that will be listed in the country. As ICOs will generate securities, the Securities Commission of the Bahamas (SCB) will be fully responsible for the regulation of these new financial institutions, including the ones promoting ICOs as fundraisers and the ones who will act as exchanges. The regulators will use international requirements as a basis to construct a solid framework that will protect the investors and help companies to thrive in the market. This whole move is part of a larger effort from the government to modernize the financial sector of the country in order to use financial technology to become more efficient. The goal, they affirm, is to become a really competitive country without being a prey to a lack of compromise with the integrity of the assets, as the government and the regulators believe that only regulation will stop the scammers.
Bitcoin Exchange Guide
More news sources


Hot news

Hot world news

Maximine Coin Surge, eToro Adds TRON, Rakuten and Yahoo, Boss Crypto - Cryptocurrency News

Maximine coin is up more than 700% within the past 30 days. eToro also announced yesterday that they will add Tron TRX to its platform with more than 10 million registered users. Mattie will also talk about Rakuten and Yahoo continuing Mainstream Progression Towards Cryptocurrency as well as Boss Crypto, a crypto investment and education platform. ----------------------------------------------------------------------------------- Connect with us on Social Media: Twitter: Facebook: Telegram: ---------------------------------------------------------------------------------- Looking for the best cryptocurrency wallets? Check these out: BitLox: CoolWallet S: Trezor: Ledger Nano S: KeepKey: Read about them here: --------------------------------------------------------------------------------- References: BossCrypto – Crypto Investment and Education Platform Boss Crypto Yahoo and Rakuten Continue Mainstream Progression Towards Cryptocurrency Rakuten Wallet Launch Announced for March 30, 2019 Here’s Why Crypto Maximine Coin (MXM) Jumped 754.5% in March eToro adds Tron TRX to its Platform with More than 10 Million Users -------------------------------------------------------------------------------- DISCLAIMER The information discussed on the Altcoin Buzz YouTube, Altcoin Buzz Ladies YouTube, Altcoin Buzz Podcast or other social media channels including but not limited to Twitter, Telegram chats, Instagram, facebook, website etc is not financial advice. This information is for educational, informational and entertainment purposes only. Any information and advice or investment strategies are thoughts and opinions only, relevant to accepted levels of risk tolerance of the writer, reviewer or narrator and their risk tolerance maybe different than yours. We are not responsible for your losses. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence and consult the financial advisor before acting on any information provided. Copyright Altcoin Buzz Pte Ltd. All rights reserved.
Altcoin Buzz

Maximine Coin [MXM] Jumps 30% Higher While Top Currencies Continued Bleeding

In a continuous declining market, there’s one coin that stood out higher. Maximine Coin or MXM Coin broke a new record of entering into the graph of Top 40 cryptocurrencies with a spike of 30 percent over the past 24 hours. Why MXM Coin Pumped Higher? The value surge is quite surprising because the top crypto assets including Bitcoin, Ethereum, XRP, Litecoin, EOS, Bitcoin Cash, Binance Coin, and many other cryptos are on the way out. Nevertheless, the major concern comes after the spike of MXM Coin trading volume on CoinBene exchange which suspects to have wash trading activities. Despite this decline drive, Maximine Coin’s MXM token is ruling with rising volume among the top 40 cryptocurrencies. At the moment, the MXM’s average trading value counts $159,653,386 which has gained 30.11 Percent over the last 24 hours. Moreover, the coin is trading at $0.096818. Maximin Coin or MXM is presently available at a handful of crypto trading platforms including CoinBene, HitBTC, Coinbit, and Livecoin. Among these exchanges, the highest trading volume is split among CoinBene and HitBTC with pair of USDT, ETH, and BTC respectively. Is there anything Related to CoinBene’s Suspected Wash Trading? Looking closer at the coinmarketcap, the highest trading volume of MXM coin can be seen on CoinBene, the exchange which was once noticed of involving with wash trading activities as reported by Bitwise Asset Management. Reports further revealed that the volume is faked by the exchange itself that results to inflate actual numbers to catch user’s attention. Moreover, the exchange registered in Singapore and doesn’t need KYC for a user to have an account with. To note, the Bitforex exchange where MXM Coin will soon be listed is also based out in Singapore – moreover, Maximine Coin is reportedly registered in the same country. Additionally, recent reports reveal that the coin had gained mainstream concern from Bitforex, a Singapore based trading platform. The firm announced to list MXM coin on its exchange which many speculate and relate the coin’s significant performance with. Heard the news? 👂🏼 Seen the papers? 👀 If you haven't, keep your eyes glued to the screen and your ears wide open because @maximinecoin is coming to @bitforexcom ! 🍻🙌🏼 Details in link below! 👇🏼 — MaxiMine (@maximinecoin) March 26, 2019 What do you think about CoinBene and its trading contribution to Maximine Coin? share your opinion with us  The post Maximine Coin [MXM] Jumps 30% Higher While Top Currencies Continued Bleeding appeared first on Coingape.
By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.