Tuesday, Mar 26, 2019
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DPM: Proper regulatory framework for digital currency essential

A proper regulatory framework to support The Bahamas’ first digital currency is the only way to safeguard against shysters and con artists, Minister of Finance Peter Turnquest insisted yesterday.

Cabinet is expected to review the first draft of legislation to provide for blockchain applications of financial technology (fintech) solutions.

“We hope to have the first draft for public consultation very shortly once it’s been presented to Cabinet and approved. Hopefully we will have the framework around that in short order,” Turnquest told reporters outside the Churchill Building Tuesday.

“And we were very deliberate about this because we have had approaches from cryptocurrencies and crypto assets and exchanges to locate here, but we want to make sure that we have the right regulatory environment set, so that we don’t end up with disastrous situations where we have shysters or con people coming through to take advantage of a lax regulatory environment.

“So, we are putting in place the legislation and regulatory rules around that, inasmuch as it applies, to ensure that we protect the reputation of The Bahamas.”

The Central Bank of The Bahamas (CBOB) announced on Monday its plan to provide an update on the country’s digital currency, Project Sand Dollar, as well as other reforms the bank is taking to promote greater financial inclusion, while simultaneously reducing the economy’s reliance on cash transactions.

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