The Bahamas are planning to become an important hub for blockchain

An NGO in collaboration with some institutions has announced plans to set up blockchain developers in the Bahamas. The group also aims to place the island at the forefront of DLP (distributed ledger technology).

A leading blockchain hub in the Caribbean

According to Nassau Guardian, an NGO known as the Caribbean Blockchain Alliance (CBA) is trying to form a group of decentralized technology developers in the Bahamas. In a press release, Stefen Deleveaux, founder of the CBA, spoke about the opportunities inherent in decentralized technology.

The founder further explained this:

Blockchain technology is seen as the next step in Internet and financial technology, in what many describe as Web 3.0. There is a huge opportunity to use this technology to improve public and private services in this country. In addition, competent blockchain developers are in great demand, in an industry that almost guarantees access to a high-income job or a potential project.

Deleveaux also stated that part of the goals was the creation of several cohorts of DLT developers. The founder of the CBA also recognized the importance of blockchain technology in the software infrastructure as a reason for the groups.

In addition, Deleveaux announced a collaboration with Inter-American Development Bank (IDB), CBA, Blockgeeks and the University of the Bahamas. These four institutions will host a hackathon. In addition, twenty-five citizens of the Bahamas will participate in a course for developers of decentralized technologies, from 30 November to 1 December 2018.

The press release also said that after the course, students would get a registered certificate on decentralized technology.

Michael Nelson, who acts as the head of IDB's operations, added that the bank seeks to strengthen the citizens of the Bahamas. With the collaboration and incentives for DLT developers, Ameer Rosic, CEO of Blockgeeks, believes that the island could be "the blockchain center of the Caribbean".

The governments of the islands adopt cryptocurrency and blockchain technology

The blockchain technology and the adoption of cryptocurrency are registering a high level among the islands' governments. Some of these countries go further to aspire to become "blockchain islands".

Towards the end of the second quarter, the Bahamas announced the intention to issue their digital currency. According to the island, a virtual state-owned currency would help improve its economic development and eliminate obstacles.

Malta, another friendly country of the DLT, is at the forefront of decentralized technology and the adoption of cryptocurrency. Popularly known as the "blockchain Island", it was the first country to have a holistic legislative framework that regulated DLT technology.

Furthermore, Malta introduced the Virtual Financial Goods Act (VFA) and the Innovative Technology Services Act (ITAS). Both Acts would regulate virtual currency and decentralized technology.

However, the Marshall Islands plan for the adoption of cryptocurrency is not receiving full support. The moves announced by President Hilda Heine to create a virtual currency that would work as a legal tender, but received a "no-confidence motion" from some senators in the country. The IMF and the United States also disagreed with the president's plan.

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