The government of the Bahamas has decided to launch their own digital coin to fight financial illiteracy and the low participation of the population in the banking system.
According to the Deputy Prime Minister, K Peter Turnquest, the launch of a native digital coin is of special importance to many people living on the islands, because many commercial banks have left and the the community is without many options for banking services.
Also, another point he mentioned is that digital is better, especially when transportation is hard for most of the elderly people. Living on an island always presents itself with different difficulties and cryptocurrencies may relieve those to a great extent.
A little known fact, however, is that many international companies have offices in the Bahamas. The reasons for that are primarily the tax exemptions the Island offers and the shareholder privacy. For example, if a business wants to take advantage of all these benefits, it simply needs to establish itself as an International Business Company (IBC) on the Bahamas and it will be exempt from taxes for around 20 years or so.
This is why large international companies have an appetite for setting up their business entities on the Island. The central bank believes that the introduction of a native digital coin will further incentivise companies to do business on their land and offer banking services to the unbanked.