Blockchain : Bermuda Government to Make Changes in Banking Act to Support Blockchain-Based Companies
Finextra recently reported that the Government of Bermuda has planned to make modifications in the Banking Act in order to provide services to local fintech and Blockchain-based organizations. Banks’ reluctant nature towards Blockchain-based companies has led the government to rethink its Banking Act. Banks in Bermuda have been apprehensive of providing services to the local fintech and Blockchain companies as they were concerned about regulatory issues and potential risks.
According to the Bermudian Premier and Minister of Finance, David Burt, Blockchain-based companies contribute in the economic development of the country and hence can’t be neglected. The Bermudian Government is working hard to develop the Blockchain system. To support the same, they have already signed an MOU with Shyft network and the Binance Group.
What is the Blockchain?
A block chain is a transaction database shared by all nodes participating in a system based on the Bitcoin protocol. A full copy of a currency’s block chain contains every transaction ever executed in the currency. With this information, one can find out how much value belonged to each address at any point in history.
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