Bermuda plans to become first fully on-chain national economy

Beincrypto reported Bermuda announced on Monday at the World Economic Forum in Davos that it plans to become the world’s first fully on-chain national economy. Circle and Coinbase said they will provide digital asset infrastructure, enterprise tools and contribute to nationwide digital finance education to support the transition.

The initiative envisions integrating digital assets into everyday financial infrastructure, enabling blockchain-based systems to support payments and other core economic activities. Premier David Burt said the approach advances responsible innovation through partnership between government, regulators and industry, and Circle said Bermuda’s entrepreneurial economy could benefit as local businesses would rely less on onshore payment processors that can raise fees and narrow merchant margins.

The plan builds on Bermuda’s long-standing digital asset policy, including the 2018 Digital Asset Business Act, which established licensing requirements and assigned oversight to the Bermuda Monetary Authority. Subsequent legislation expanded issuance and prudential reporting obligations, regulators ran sandboxes and pilot programs, and firms including Circle, Coinbase and Binance have secured licenses; the government described the on-chain initiative as the next phase of integrating digital assets into the country’s financial infrastructure.

Key Topics

Crypto, Bermuda, Circle, Coinbase, David Burt, Bermuda Monetary Authority