- The country of Bermuda has announced it will accept USDC stable coin for payment of Taxes
- USDC is a Stablecoin issued in partnership by Coinbase
In one of the most recent breaking news in the crypto sector, the sovereign country of Bermuda has announced that it will specifically accept USDC, a crypto based stable coin issued by Coinbase and Circle, for its payment of Taxes. In what looks to be the first for a sovereign nation, Bermuda will be supporting USDC as acceptable tax payment for some 60,000 residents.
The Bermuda government launched a blockchain task force in conjunction with the Bermuda Business Development Agency (BDA) in late 2017. It went on to pass legislation on initial coin offerings (ICOs) and create a regulatory sandbox for cryptocurrency companies.
Bermuda has proven its responsiveness towards the growing sector and has positioned itself as a pioneer and forerunner when it comes to embracing blockchain technology.
With its decisions towards specifically choosing USDC, it can be correlated with the recent movement of Circle, a cryptocurrency and blockchain startup built under Coinbase, to Bermuda to commence operations in July. Coinbase have managed to use their influence in roping in the government of Bermuda. This speaks volumes about the growing reputation and influence of Coinbase in the nascent sector.