Bahamas News
BAHAMAS: Digital currency to be introduced, says DPM
#Freeport, June 22, 2018 – Bahamas – The Central Bank of The Bahamas is soon introduce a pilot digital currency for The Bahamas, Deputy Prime Minister and Minister of Finance, the Hon. K. Peter Turnquest announced on Wednesday, June 20, during the Prime Minister’s Luncheon at the Bahamas Blockchain and Cryptocurrency Conference.
Officially opened by Prime Minister, Dr. the Hon. Hubert Minnis on Wednesday morning at the Grand Lucayan, the luncheon hosted sponsors, presenters and special guests to hear from the Deputy Prime Minister.
Stating he hopes Grand Bahama becomes the digital paradise of the region, the Deputy Prime Minister said, “The production of a modern fully digital payment service is the way forward for this era of governance. A digital Bahamian currency is especially important for the many Family Islands as they have seen many commercial banks downsize and pull out of their communities, leaving them without banking services. As an island nation, where transportation can be an inconvenience for many, especially the elderly, and costly, we must offer financial services digitally and securely.
“Digitization of our government and financial services complements both our ease of doing business initiatives and our digital Bahamas framework. As a first step in our ease of doing business initiative, we would have moved to a new online interface for start-up companies registering their business for the first time in The Bahamas.”
He added that it is hoped that in the near future the government will be introduce a pilot programme using blockchain certifications for people who complete studies at the National Training Agency. It is expected that these individuals maintain and share their certification information.
“Even though it is at a very preliminary form, the government is looking to see other ways in which certificates such as business licenses, passports, national insurance can make use of blockchain technology to enable persons to maintain their data and share it in a secure and verifiable way.”
When coming to government just over one year ago, the Deputy Prime Minister said he wanted the country to have use a blockchain type of technology so as to be more efficient and root out corruption in the government system.
“Using technology and single points of contact we’re able to eliminate a lot of the human element that facilitates corruption, and so when we talk about applying for government services, if we have a single portal for entry and all of the processing being done behind the scenes, either through electronic data interchange or through human facilitation we can eliminate that point where, we Bahamians call it, you have to tip somebody in order to get service.”
This system will not only be more efficient, but reduce the cost of doing business in The Bahamas.
The conference will ends on Friday, June 22.
By: Robyn Adderley (BIS)
Photo Captions: Header: Deputy Prime Minister and Minister of Finance.
Insert: Sponsors, presenters and special guests attended the Prime Minister’s Luncheon during opening day of the Bahamas Blockchain and Cryptocurrency Conference being held in Grand Bahama at the Grand Lucayan, June 20-22, 2018. Guest speaker for the luncheon was Deputy Prime Minister and Minister of Finance, the Hon. K. Peter Turnquest, who encouraged the guests to invest in Grand Bahama either through businesses or second homes.
(BIS Photo/Lisa Davis)
RBC Royal Bank (Bahamas) Limited (“RBC”) is pleased to announce the recent appointment of Kerryl-Lyn King-Henry as Country Manager and Area Vice President (“AVP”), Personal and Commercial Banking, Turks & Caicos Islands (TCI).
In her new role as Country Manager and AVP, King-Henry will take on full responsibility for the bank’s operations, strategy, and development in the TCI market, with a strong focus on solidifying partnerships with the Government, regulatory bodies, and the local community.
King-Henry brings to the role a dynamism influenced by nearly 25 years of industry experience. Prior to her new appointment, she served as AVP of Business Banking in Trinidad and Tobago. She has held progressively senior roles within both personal and commercial banking, as well as various functional units.
King-Henry holds a Master of Business Administration (MBA) degree, with a specialization in Leadership, FinTech and Big Data Analysis, in addition to a Bachelor’s Degree in Business Administration. Further enriching her professional profile, Kerryl-Lyn is a certified John C. Maxwell Coach, Trainer, Teacher, and Speaker. Her passion for leadership and development is matched by her commitment to community service, as she actively volunteers her time and leverages her professional expertise to mentor and support others. “
Kerryl-Lyn’s extensive experience and proven leadership capabilities make her the perfect choice to lead our operations in the Turks & Caicos Islands,” said Ericka Rolle, RBC’s Managing Director and Vice President, Personal Banking, The Bahamas and TCI.
“Her commitment to excellence, combined with a genuine passion for community engagement, aligns perfectly with our Bank’s purpose of helping clients thrive and communities prosper. We are excited to see the positive impact she will undoubtedly bring to her new role,” she added.
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