Bermuda races to become the world's first "on-chain economy"! Airdropping 100 USDC, opening tax payments in cryptocurrency

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Author: Crypto City Bermuda Announces Plan to Become the First "Fully On-Chain Economy" Bermuda, a small Atlantic island with a population of only about 65,000, is attempting to become the world's first "fully on-chain economy." Craig Swan, CEO of the Bermuda Monetary Authority (BMA), revealed this ambitious national strategy in an exclusive interview with CoinDesk, emphasizing that this initiative will create brand-new opportunities for Bermudian citizens. Airdropping $100 USDC! Promoting Universal Digital Financial Literacy Bermuda's grand on-chain national plan was first unveiled at the World Economic Forum Annual Meeting in Davos, Switzerland, this past January. At the time, the Bermudian government announced partnerships with blockchain industry leaders Circle and Coinbase. The two companies are providing digital asset infrastructure and enterprise tools to support Bermuda's transformation. Subsequently, at the Bermuda Digital Finance Forum, officials and partners launched a large-scale experiment that served both educational and practical testing purposes. Swan stated that to educate citizens on how to set up cryptocurrency wallets, officials airdropped $100 worth of Circle’s stablecoin, USDC, to every participant at the event. They provided on-site guidance on how to use these digital assets for shopping, transferring funds to friends and family, or exchanging them—even converting them back into fiat currency. The goal of this experiment was to guide both local merchants and the public to become familiar with this ecosystem. Participants immediately used the newly received stablecoins to purchase goods at a pop-up market on-site, while payment processors like MoneyGram provided services to convert digital assets back into cash. Bermuda Accepts Crypto for Taxes, Launches Exclusive Digital Dollar Following the success of the pop-up market sandbox test, the BMA and the Bermudian government are accelerating the expansion of infrastructure and have amended relevant regulations to officially accept digital assets for the payment of public taxes and fees. This policy was first piloted by the Department of Motor Vehicles (DMV), as most residents own cars or driver's licenses, and will be gradually rolled out to all government agencies. In terms of technical architecture, Circle has deployed its Circle Mint infrastructure to support the Bermudian government’s digital fiscal accounts, while Coinbase provides engineering support to simplify the onboarding process for institutions and consumers. Additionally, Bermuda recently announced a third major partnership with the Stellar Foundation. Moving forward, key payments and financial services will be recorded on the Stellar network, and an official Bermudian digital dollar will be launched. Bermudian Premier E. David Burt pointed out that traditional payment networks force local merchants to bear credit card fees of 3% to 5%, with some categories reaching as high as 10%. A heavy reliance on traditional payment infrastructure has hindered economic growth. Swan noted that the on-chain infrastructure is not intended to replace traditional finance but to coexist with it. Traditional banks will continue to hold the fiat reserves backing the digital tokens and provide local custody, using blockchain technology to bypass expensive intermediary banking systems and allow capital to circulate autonomously within the island. Revamping Laws to Define Assets! Introducing Smart Contract Compliance and AI Payment Hubs Transitioning a national economy to the blockchain requires more than just changing banking rules; it requires redefining property. Swan spoke confidently about Bermuda's vision, but he admitted that when examining contract law and securities law, it is not always clear in certain situations whether smart contracts satisfy legal requirements for the transfer of ownership. Bermuda must adjust its legislation to ensure consistency, such as fine-tuning stock-related regulations to explicitly specify that shareholder registers can exist in digital form. Bermuda Bets on Digital Asset Business Act, Pushing for Financial Infrastructure Digitization Bermuda is already ranked as one of the world's top three reinsurance hubs. The government is betting on the Digital Asset Business Act (DABA) regulatory framework, launched in 2018, hoping to replicate the same international influence in the fields of tokenization and Decentralized Finance (DeFi). To prove feasibility, Swan revealed that the BMA recently completed a pilot program that embeds compliance reviews directly into smart contracts. The test results successfully confirmed that when underlying collateral reserves fall below a certain threshold, the protocol automatically freezes transactions; if an address violates real-time anti-money laundering (AML) or sanctions screening, the smart contract can also completely block the transaction. Bermuda is also setting its sights on an automated digital economic system and plans to launch an AI payment hub to research and monitor transaction flows initiated entirely by autonomous software. Can the Island's On-Chain Experiment Be Replicated by Other Nations? Compared to major powers like the G20, which face lengthy regulatory bottlenecks, Bermuda's smaller population helps in implementing policies quickly. Swan believes that after Bermuda takes the first step, other sovereign nations interested in digitizing their financial infrastructure, as well as smaller

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