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Highlights:

  • 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.


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Sudarshan M

Sudarshan M is a long time crypto-enthusiast. Pulled in by bitcoin early on, it didn’t take long for Sudarshan to divert all of his academic attention from business studies to blockchain by doing his Masters and eventually pursuing his PhD in the subject. He is currently a researcher at the University of Nicosia. He is also the author of two research papers and a book on Blockchain’s future in Education titled: An Academic Overview of Blockchain - Applications in Educational Institutions. Sudarshan is an entrepreneur, blogger, educator, researcher and an avid proponent of Dogecoin. Such coin, Much wow.

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