Bermuda will create bank for blockchain companies

Through amendments to the banking law, a bank will be established to serve the firms that operate with this technology

Given the refusal of banks in Bermuda to provide services related to cryptocurrencies, the authorities have decided to amend the Banking Law to provide assistance to companies that work with blockchain technology.

The regulations, crimes and distrust that have arisen around digital finance and related technologies, led the island to take actions to make banking operations more flexible and offer business friendly systems.

In this regard, it is important to remember that last May the government of Bermuda signed a memorandum of understanding with the Shyft network, which will give a support of $10 million for blockchain education and economic development.

Another memorandum signed in April with Binance for $15 million is also aimed at supporting educational programs on blocks technology and is expected to create about 40 new jobs that include the citizens of the island entity.

The decision to create a specific bank for technology companies and blockchain comes to calm down the actors of the economic, financial and labor sectors, thus strengthening the island’s financial system.


Source: Cointelegraph

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