First government to fully utilize
#Blockchain Bermuda is set to become the first national economy in the world to fully adopt "
#onchain " using the Stellar (XLM) network.
The Bermuda government, led by Premier David Burt, announced it will shift its financial services and key payments to the
#Stellar network.
Residents will be able to receive their salaries, pay taxes, settle government fees, and make purchases at local shops, all through digital wallets on Stellar.
Currently, businesses on the island pay between 3% and 10% in processing fees. With Stellar, these are reduced to a fraction of a cent ($0.00001).
One of the strongest points of the announcement is the integration of the
#MoneyGram network on the island.
It has been confirmed that Stellar will enable the ability to convert digital assets to physical cash (fiat) instantly in Bermuda. This solves the usability issue in the real world, necessary for capital to flow seamlessly.
The government will modify its Fintech development fund to allow direct investments in digital assets and support entrepreneurs building on this ecosystem.
While
$XRP connects with major banks (JP Morgan, DTCC), Stellar
$XLM positions itself as the go-to network for everyday economy and financial inclusion.
Quote from Peter Lynch:
"Don’t look at the price, look at the adoption."