Bermuda government set up cryptocurrency working group

nWalkout Commentary: On Wednesday, Bermuda Prime Minister David Burt and National Security Minister Wayne Caines announced at a press briefing the creation of a new blockchain working group to issue tokens, “tokens”, cryptocurrencies and first digital tokens (ICO) in Bermuda to create a good regulatory environment to promote the development of blockchain technology. At the same time, the move is also aimed at bringing new business to the island, helping drive GDP growth and creating more job opportunities.n
nTranslation: Clovern
The government of Bermuda recently set up a blockchain working group to promote the development of cryptocurrencies in the British overseas territories.n
At a press briefing on Wednesday, the island’s prime minister, David Burt, and the National Security Minister, Wayne Caines, announced the formation of a new working group to work on behalf of tokens, “tokens”, cryptocurrencies and first digital token issuance The development of Bermuda creates a good regulatory environment.n
The press release pointed out that the working group is composed of two groups: the Working Group on Legal Regulation of Block Chains and the Working Group on Block Chains Business Development, both working together to promote the development of blockchain technology.n
John Narroway, head of the Blockchain Business Development Task Force, said:n
n”There’s a huge opportunity in the cryptocurrency space, but it’s evolving faster than ever before and the opportunities get smaller and smaller, and fleeting.”n
nNarroway went on to say that the group was carefully studying the various opportunities in the cryptocurrency ecosystem and “locked in key” areas for further action. “n
In addition, the Bermuda Department of Commerce (BDA) has partnered with the government to further expand this initiative.n
According to Ross Webber, chief executive of BDA, the move aims to bring new business to the island, helping drive GDP growth and creating more jobs.n
Prime Minister Burt further disclosed that the region’s government plans to introduce a regulatory framework for distributed ledger technology (DLT) in early 2018. He said that Bermuda “is considering issuing a complementary regulatory framework covering the promotion and distribution of functional tokens in order to be consistent with the DLT regulatory framework.”n

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