Sunday, November 27, 2022
HomeNewsNow The Bahamas Plans To Become A Leading Blockchain Hub

Now The Bahamas Plans To Become A Leading Blockchain Hub

Aimed at placing the Bahamas as a forerunner in the field of distributed ledger technology (DLT), an NGO, known as the Caribbean Blockchain Alliance (CBA) collaborates with some institutions to establish blockchain developers in the Bahamas.

According to the report by, The Nassau Guardian, the CBA plans to establish a group of decentralized technology developers in The Bahamas. The publishing quoted Stefen Deleveaux, founder of the CBA, from the press release:

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 high demand, in an industry that almost guarantees access to a high-income job or potential project.

Deleveaux further adds that they want to build several cohorts of DLT developers, pointing out the importance of blockchain technology in software infrastructure as the reason for the groups.

The CBA will collaborate with Inter-American Development Bank (IDB), Blockgeeks, and the University of the Bahamas. Together they all will host a hackathon and twenty-five Bahamian citizens participated in a course for decentralized technology developers, that was held from November 30 – December 1, 2018.

Michael Nelson, IDB’s Chief of Operations, elaborates that the Bank aims to empower Bahamian citizens and Ameer Rosic, the CEO of Blockgeeks, believes that the collaboration and the incentives will invite DLT developers and the  Island could be “the blockchain hub of the Caribbean.”

Support from Government

Notably, Island governments have been rapidly been adopting Blockchain technology and cryptocurrency. In fact, some of these countries even aspire to become “blockchain Islands.”

In June, The Bahamas announced its plans to issue a state-owned virtual currency, in order to improve its economic development and eliminate barriers.

Another DLT- friendly country, Malta currently stands at the forefront of decentralized technology and cryptocurrency adoption. Popularly known as the “blockchain Island,” it was the first country to have a holistic legislative framework regulating DLT technology. Malta also introduced the Virtual Financial Assets Act (VFA) and the Innovative Technology Arrangement and Services Act (ITAS), that acts as regulation for virtual currency and decentralized technology.


Most Popular