Caribbean Blockchain Alliance (CBA) Looks To Turn Bahamas Into Leader In Blockchain

In the financial industry, whether with cryptocurrency or fiat currency, there’s continual competition to be on top of the game, and to maintain a place there. As the Caribbean Blockchain Alliance (CBA) has examined the blockchain industry, they’ve decided to become the next leader, using the Bahamas as their place to settle down, according to a report from the Nassau Guardian.

The CBA believes that,

“Blockchain will be one of the most important technological tools in the near future,” says the Nassau Guardian.

The founder, Stefen Deleveaux, issued a press release that announced a partnership between an Inter-American Development Bank (IDB) and Blockgeeks. They will be working with CBA and the University of the Bahamas as the hosts for a “hackathon” event. The even would coincide with a course on decentralized tech development, which would be attended by 25 Bahamian citizens. Participants in the court would have a certificate of completion posted to the blockchain.

Deleveaux said,

“Blockchain technology is seen as the next step in Internet and financial technology, in what many describe as Web 3.0. There is a huge opportunity to use this technology to improve public and private services in this country. In addition, competent blockchain developers are in high demand, in an industry that almost guarantees access to a high-income job or potential project. One of our goals is to build a cohort, and eventually multiple cohorts, of proficient blockchain developers. This is primarily because the technology itself will be extremely important in terms of software infrastructure.”

Island governments, as of late, have started to adopt cryptocurrency and blockchain technology at a rapid pace, and there are many countries that want to have the title of “blockchain island.” Around the middle of the year, the Bahamas took a step forward in that journey by announcing their intention to issue a digital currency of their own, promoting economic development.

The most well-known DLT-friendly country is Malta, which is also the current leader in both decentralized technology and the adoption of crypto. They managed to be one of the biggest drivers in the industry, becoming the first country with holistic legislation to regulate DLT technology. They were also responsible for two acts, the Virtual Financial Assets Act (VFA) and the Innovative Technology Arrangement and Services Act (ITAS), that help with the regulation of this industry.

So far, the plan set forth by Marshall Islands for crypto adoption isn’t entirely supported. The President, Hilda Heine, announced the decision to proceed, but some of the country’s senators only offered a “no confidence motion.” To make matters worse, neither the U.S. nor the IMF agree with the plan set in motion by Heine.

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