Pay Your Taxes… In Bitcoin?

In a tropical paradise, where pirates once roamed, residents may soon be able to pay their taxes… in crypto. On April 20 The Bahamas released a whitepaper titled “The Future of Digital Assets in The Bahamas,” as a blueprint to its future.

The government-written whitepaper outlines the country’s digital asset strategy through 2026 and foretells a time where its residents pay their government tithe in the form of digital coinage.

According to the Office of Prime Minister, Phillip Davis, “We have a vision to transform Bahamas into a leading digital asset hub in the Caribbean.”

Davis’ office wants to make it easier for Bahamian citizens to trade crypto currencies in Bahamian dollars and intends to further promote the use of its own stablecoin, Sand Dollar, which launched in 2020.

The whitepaper further outlines the need for a more concise policy towards everything crypto. The government will be forming a policy committee (chaired by the Prime Minister) and a digital advisory panel to oversee “digital assets and related digital developments, emerging trends, and associated risks (keeping them) constantly under review”.

Davis hopes that previous initiatives in the crypto space the nation has already taken, combined with its future outlined in the whitepaper, may help to “enable The Bahamas to create a vital opportunity to tackle its economic challenges… and provide jobs and prosperity for Bahamians.”

The Bahamas, a former pirate haven once home to the infamous Blackbeard, is now looking to become a haven of another kind…

A crypto haven.

Read more about the digital future of the former Pirate Republic, HERE