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Bermudian Government Inks $10 Million MOU with Blockchain Startup Shyft

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Bermudian Government Inks $10 Million MOU with Blockchain Startup Shyft

Once again, the tiny island country Bermuda highlights how revolutionary blockchain technology can be leveraged to deliver government services. The Bermuda government and blockchain-based network Shyft have signed an MOU (Memorandum of Understanding) in a bid to deploy blockchain-based identity solutions for Know Your Customer and Anti-Money Laundering compliance processes.

Blockchain to Boost Bermuda’s Economy

The MOU was signed between Premier of Bermuda David Burt, and Shyft Chairman Joseph Weinberg at Consensus 2018, a mega cryptocurrency summit held at New York. According to the MOU, Shyft will allocate $10 million to create new job opportunities in the island nation while at the same time educate Bermudians on the distributed ledger technology.

In a gambit to make Bermuda the foremost nation to have crypto friendly regulations, Premier Burt said:

“The Government of Bermuda has decided to lead the way and build interoperability into the government legislation, in essence, approach regulatory frameworks with exportability in mind.”  

As a result of the agreement, the Toronto-based blockchain network, Shyft, will cooperate with Bermuda government to develop “a robust legal and regulatory framework.” Furthermore, the company and Bermuda’s Workforce Department will educate Bermudians on blockchain technology.

Shyft also tweeted out the announcement on its official Twitter handle:  

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Commenting on the partnership, Joseph Weinberg, chairperson at Shyft, said:

“Shyft has an ambitious objective of building a global digital identity ecosystem that gives all citizens the opportunity to participate… We have a goal of leveraging new technology to make a positive and inclusive change. We have found a similar intent and aspiration with the government of Bermuda.”

Bermuda Turning into a Blockchain Hub

While rest of the world are scratching their heads on cryptocurrency regulations, a small island country in North America, Bermuda has come up with a process of forming a crypto-friendly legal framework.

In past few months, Bermuda has upped its blockchain play, as recently the government has collaborated with a couple of distributed ledger initiatives to form a robust and regulated blockchain hub.  

In April 2018, Burt signed Mou with Changpeng Zhao, CEO of Binance, world’s second largest cryptocurrency exchange by market cap. As per the MOU, Binance will commence educational training programs related to the blockchain and FinTech.

Additionally, the Binance Charity Foundation will distribute $10 million in the academic program and $5 million to the startups backed by blockchain technology.

 

For instance, if all the MOUs execute successfully, do you think Bermuda will be one of the leading blockchain hub? Let us know your thoughts in the comments section below.

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