Bahamas may allow residents to pay taxes with crypto
The new policy could further accelerate the adoption of digital assets in the country
By Shashank Bhardwaj
Image: Shutterstock
A white paper that outlines the Bahamas' digital asset strategy until 2026 indicates that residents of the country may soon be able to pay taxes with digital assets.
Bahamas’ Office of Prime Minister Philip Davis stated the government would begin to "enable payment of taxes using digital assets" by working with the country's central bank and the private sector, in a white paper titled "The Future of Digital Assets in The Bahamas," which was released on Wednesday, April 20. The government also intends to make it easier for people to buy cryptocurrency with Bahamian dollars and promote the use of the Sand Dollar, a central bank-issued digital currency that was launched in 2020.
"We have a vision to transform Bahamas into a leading digital asset hub in the Caribbean," Davis said.
The white paper's release comes one week before the Crypto Bahamas conference, which will be hosted by FTX, a cryptocurrency exchange that relocated its headquarters to the country in September. The move was attributed to a "progressive and forward-thinking crypto bill" that will regulate the country's industry, according to FTX CEO Sam Bankman-Fried.
The Bahamas will also establish a digital asset policy committee, chaired by the Prime Minister, as well as a digital advisory panel made up of experts in the digital asset space "to keep digital assets and related digital developments, emerging trends, and associated risks constantly under review".
“We will encourage and support collaboration between the applicable regulators, including the SCB, and private sector with the University of Bahamas (UB) to develop a series of crypto asset courses and certificate and degree offerings. International experts will be consulted to work with UB’s administration and professors and academia to develop the curriculum and teach the courses,” reads the white paper.
This new digital asset policy framework is expected to “enable The Bahamas to create a vital opportunity to tackle its economic challenges” and provide jobs and prosperity for Bahamians.”
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
