Peter Terkvest, who is the Minister of Finance of the Bahamas, said that in his opinion, the specifics of the island state encourages the development of its own cryptocurrency. Moving on the islands is often just physically inconvenient, so it would be prudent on the part of the authorities to provide a safe digital currency.
“The digital currency in the Bahamas is especially important for the islands, where commercial banks close branches and leave people without financial services. As an island country where displacement can be uncomfortable for many, especially for the elderly, and costly, we must provide the population with digital and secure financial services, “Terkvest said.
Moreover, the Minister of Finance is convinced that blockchain-technology provides a huge number of advantages. It can be applied in many areas in order to minimize the risks associated with the human factor, for example, corruption or errors.