Soon, you may have the option of buying rum via Digital Dollars in Bermuda, UK.
Bidali, a Canadian fintech firm, has said that with the cooperation of the Bermuda Government, it has organized a pilot to assess a Digital Bermuda Dollar. Partnering up with Gosling’s Limited, a local rum company, they will accept the digital dollar via the Stellar Network. The first part of the project will be collaborated by Penrose Partners, a Canadian and Bermudan emerging technology consulting firm.
Eric Kryski, Bidali’s chief executive said, “With this pilot, we’re looking forward to seeing people get hands-on experience with this technology and start to realize the benefits. From there we hope to expand to other businesses in Bermuda.”
Not having the typical payment platforms like Paypal, Square, etc. initiating this digital dollar would be a great way to connect the citizens of Bermuda to a global financial system.
A chief fintech adviser, Denis Pitcher said, “We aim to try and get the Bermuda dollar digitized on every public blockchain. Then, the markets and citizens will figure out what the best solution is.”
Bermuda has been working on this pilot for the digital dollar since last year. Before this initiative, 2 years ago they introduced a Blockchain Regulatory Framework to bring business to their country.
This project has many challenges, the main one in the form of banks accepting the payment but despite the slow progress, they will go ahead with this initiative.