Bermuda's government announced it will move its national economy on-chain using the Stellar network, becoming the world's first fully on-chain national economy. The government approved digital asset acceptance and investment policies, and will modify its FinTech Development Fund to support the ecosystem.
Stellar Development Foundation announced that Bermuda will become the world's first fully on-chain national economy, with citizens using digital dollars for wages, merchant payments, government fees, and savings through digital wallets on Stellar. The Bermuda government officially approved policies allowing it to accept and invest in digital assets, and will amend the FinTech Development Fund Act to support local entrepreneurs and companies building in the ecosystem. The initiative includes partnerships with MoneyGram for digital asset to fiat off-ramping, enabling residents to convert digital dollars back to local currency. Stellar highlighted its experience working with regulated institutions like Franklin Templeton, the German government, the United Nations, and the World Bank on payment infrastructure.
