Press Release October 18, 2019

Bermuda Announces Currency Standard Initiative

Goodwin partner Grant Fondo, who serves as Co-Chair of the Digital Currency + Blockchain Technology practice and California Litigation Leader, is a member of the Bermuda Global Fintech Advisory Board behind a new digital currency initiative.

Bermuda announced a currency standard initiative that is said to establish the country as a lighthouse to other jurisdictions on how to adopt and benefit from the advancement of technology around digital currencies.

“As a member of Bermuda's Global Fintech Advisory Board, I was particularly excited about today's announcement, which I think is a game changing event,” said Fondo. “Specifically, the Bermuda Government has committed to accept, for payment of government taxes, fees and services, 1:1 US dollar backed digital currencies that get licensed by the Bermuda Monetary Authority. Bermuda is the first government to do so. Bermuda is leveraging its position as a jurisdiction with a history of expertise in regulating financial services, and its bespoke regulatory framework around digital assets, to provide an environment to drive and showcase financial innovation. The significance of this is to provide ease of payments for citizens and as a first step in building a digital governance ecosystem. Entities who have expressed interest in participating include Circle, Coinbase, Binance, TrustToken, HubCulture, Stably, Celsius, SALT, MAPay, Sablier, Stablehouse, ConsenSys.”

For more information, read the press release.