NASSAU, Bahamas, Mar 12, CMC – The Central Bank of the Bahamas (CBOB) will hold its second blockchain seminar on March 18 amid reports that the government could be discussing legislation on the matter soon.
The CBOB said that the seminar will provide an opportunity to update Bahamians on the Payments System Modernization Initiative and “Project Sand Dollar”, the country’s digital currency project.
In a statement, the bank said that the seminar will also “highlight broader domestic reforms that the central bank is targeting for the payments system”.
“It will spotlight the Bank’s efforts to promote greater financial inclusion, while simultaneously reducing the economy’s reliance on cash transactions.
“Blockchain applications of financial technology or Fintech solutions are one of many innovations that could impact the delivery of Bahamian financial services. The seminar will provide an update on international regulatory developments in this space and evolving standards that could also affect The Bahamas,” the CBOB said, adding that “this transformation is expected to provide a public sector infrastructure that also supports the mobile, digital financial services space”.
The bank said a panel of firms from the public and private sector has been assembled to focus on ways in which Fintech innovations could apply in the delivery of local financial services, the importance of the telecommunications infrastructure in the modernisation of the space, cybersecurity matters and public education.
Finance Minister PeterTurnquest is quoted in the local media as saying that the Hubert Minnis Cabinet will be presented with legislation next week on blockchain.
Among the speakers at the seminar will be Kwasi Thompson, Minister of State in the Office of the Prime Minister, who is expected to share information on the e-government initiative.