Bermuda to Run Pilot CBDC for Alcohol Sales
Last Updated: 19 February 2021
Bermuda, a British Overseas Territory, has been famous for its crypto-friendly approach over the past few years. Now, the territory is poised to test run their Central Bank Digital Currency (CBDC).
First Rum, then Other Applications
This week, Bidali, a Canadian FinTech firm, announced that it had partnered with Bermuda’s government to launch a pilot test of the region’s CBDC – the digital Bermuda dollar. The pilot program will see local rum manufacturer Gosling Limited accept payment for the asset via the Stellar blockchain network.
Bermuda’s government had been working towards a possible CBDC since 2018, when it created a comprehensive crypto framework. Since then, it has been making quiet progress as it hopes to be a leader and first mover in a trend that has increasingly captivated the world over the past few months.