Bermuda Pursues Fully Onchain Economy

Bermuda is aiming to become the world's first economy to operate entirely on-chain, partnering with Circle, Coinbase, and Stellar. The initiative includes developing a sovereign digital dollar and integrating blockchain technology into government services, starting with the Department of Motor Vehicles for tax payments. The island nation is also updating its legal framework to accommodate smart contracts and digital asset ownership, seeking to establish itself as a global hub for decentralized finance and tokenized assets. This ambitious plan aims to reduce transaction fees and foster economic growth by leveraging blockchain rails.