Bermuda Is Planning a Comprehensive Crypto Ecosystem

Denis Pitcher, chief fintech advisor to the Premier of Bermuda, talks about the island nation's blockchain plans.

AccessTimeIconFeb 2, 2020 at 4:00 p.m. UTC
Updated Sep 13, 2021 at 12:14 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

In what must have been a drastic change for Denis Pitcher, chief fintech advisor to the Premier of Bermuda, he and CoinDesk’s Michael Casey took to the chilly streets of Davos to talk about his government’s steps to enable blockchain adoption in the island nation.

“In the summer of 2018, we launched a comprehensive regulatory framework to provide clarity and leverage,” said Pitcher. “We introduced a principle-based framework that allowed us to define more of a scope around a business plan as opposed to specific activities. That allows you to have the flexibility to focus on managing risks of what's new in this space.”

Pitcher hopes to create a system that allows Bermudians to spend the digital currency they receive on government services and, in so doing, build a bridge to overseas economies.

“By allowing the government to accept it, it provides an opportunity for merchants to start saying, ‘Well, I can look at accepting digital dollars,’” he said. “So taxi operators, tourism operators, commercial businesses have a place to actually spend, which means that you're not going to have to fall back to the traditional financial system.”

Pitcher hopes these systems will finally introduce ordinary Bermudians into the global financial ecosystem.

“Our history allows us to really understand financial services,” he said. “But the challenge that comes from this is that when it comes to access to financial services, Bermudians are largely excluded. We don't have access to PayPal, Revolut or Square and in order to actually get access to the Apple App Store we buy credit or gift cards.”

“We’re too small,” he said. “Nobody cares about 60,000 people.”

With a digital currency plan, however, Pitcher believes Bermuda will become more than just a financial product supplier and will, eventually, turn into a financial powerhouse of its own.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.