The Bahamas To Let Residents Pay Taxes In Crypto
Categories: Crypto News US
- The Bahamas has set out a digital asset strategy in their whitepaper that will enable the residents of the country to pay their taxes using cryptocurrency.
- After the launch of the central bank digital currency (CBDC) Bahamas sand dollar in 2021, the Bahamas solidified itself as a forward-thinking digital asset hub that has attracted a lot of interest from the likes of FTX exchange, who, last September, set up their headquarters in the sovereign nation.
- The Sand Dollar was issued by the Central Bank of The Bahamas via authorized financial institutions (AFIs) in September 2021.
- As of March this year, there are currently nine nations that have already launched an operational central bank digital currency, including the Bahamas.
- As part of the Central Bank’s vision to “promote a leading financial services industry with a modernized payment system”, the bank strives to offer increased access to financial services across the whole of The Bahamas.