Bermuda’s disciplined path to an onchain economy

When Bermuda announces its ambition to become the world’s first fully onchain national economy with support from Circle and Coinbase, you could picture a dramatic, quick overhaul. However, that is not the case.

To be a fully onchain economy, Bermuda has not taken a hard route, which might involve instantly building government services and pushing merchants to accept digital payments. Instead, the island is following a cautious path of well-thought-out, regulated innovation in finance.

The island intends to begin with carefully designed pilots. It will work through licensed and supervised institutions, share the results with transparency and only expand when the systems prove reliable…