Bermuda just became the first country on the planet to turn its entire economy on-chain. This isn’t a pilot .It’s the real deal.
The government said Tuesday at the World Economic Forum that every part of its economy (public services, banks, insurance, payments, and everyday business) will now run on blockchain rails, built with help from Coinbase and Circle.
Both companies will handle the backend. They’re giving Bermuda the tools to process digital payments, issue stablecoins, train regulators and users, and help every type of business get on-chain. That includes mom‑and‑pop shops, banks, and government agencies. Everyone’s getting onboarded.
Bermudan merchants can already accept dollar-based digital payments instantly, with near-zero cost. There are already live stores in Bermuda doing this. Customers pay in USDC, merchants get paid in seconds, and everyone meets compliance rules. No one’s waiting three days for a wire to clear. No one’s paying 6% just to get paid.
Back in 2018, the island passed the Digital Asset Business Act, making it the first place with a full framework for crypto businesses.
Past airdrops and forums helped build the new foundation for Bermuda
Last year at the Bermuda Digital Finance Forum, the government, Circle, and Coinbase dropped 100 USDC to every attendee. The money was usable at new local merchants that had just integrated stablecoin payments. More businesses started accepting digital dollars. Banks and insurers joined in. Usage took off.
Premier David Burt said the whole thing is built on collaboration between the government, regulators, and companies. “With the support of Circle and Coinbase, two of the world’s most trusted digital finance companies, we are accelerating our vision to enable digital finance at the national level. This initiative is about creating opportunity, lowering costs, and ensuring Bermudians benefit from the future of finance.”
Jeremy Allaire, co-founder of Circle, said they’re expanding the partnership as Bermuda shifts its economy to digital rails. “We are proud to deepen our engagement as Bermuda empowers people and businesses with USDC and onchain infrastructure.”
Brian Armstrong, CEO of Coinbase, said the country’s approach works because it combines clear rules with strong public-private coordination. “Bermuda’s leadership shows what’s possible when clear rules are paired with strong public-private collaboration.”
At the SmartCon conference in December, Burt said bigger countries could learn from Bermuda, not because of speed, but because of structure. “It’s important that you give the private sector the tools, the space, the ability to innovate,” he said.
Back in 2019, Burt told Forbes the same thing. Regulation works when it gives clarity, not when it tries to micromanage. Markets can be messy. But they grow when they have space.
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Source: https://www.cryptopolitan.com/bermuda-to-build-onchain-national-economy/
