Bermuda's government, in partnership with Circle and Coinbase, aims to become the world's first fully onchain economy. CEO of Bermuda Monetary Authority, Craig Swan, detailed plans to onboard citizens through airdrops and educational events. The island nation will accept digital assets for public taxes, starting with the Department of Motor Vehicles. Bermuda has also partnered with Stellar to issue a sovereign digital dollar. The move requires legislative updates to property and contract laws. A pilot program embedded compliance into smart contracts to prevent risky transactions. The BMA is also researching an AI payments hub for autonomous transactions. Bermuda's small size is seen as an advantage for implementing these changes.

Key facts

• Bermuda aims to be first fully onchain economy using stablecoins for public services.
• Government airdropped $100 USDC to educate citizens on crypto wallets.
• Accepting digital assets for taxes starting with Department of Motor Vehicles.
• Partnership with Stellar to issue a sovereign Bermuda digital dollar.
• Pilot program embedded compliance into smart contracts to freeze risky transactions.

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