64% of Bermuda think Virtual Assets will positively Impact Economy
According to the quarterly survey carried out by Bermuda Omnibus, a high percentage (64%) of the residents of Bermuda believe that the introduction of legislation that recognizes organizations trading in virtual assets will boost the future of Bermuda’s economy. About 16% of respondents disagree with the fact that legislation on virtual currency will yield any economic benefit, while 20% of them are not sure of the implication of the legislation.
For a new technology to have such groundswell support in Bermuda shows the public sees the benefits to business that might be possible in blockchain and cryptocurrency, as well as the chance to make significant headways the economy.
Bermuda has a long history of innovation, from sailing to a shipping headquarters throughout the centuries. In the 1980’s the country reinvented itself as a financial and insurance headquarters. The prospect of attracting additional companies to the island seems to be on of the key reasons public support for the technology is so high.
We’ve also seen huge inroads internationally, where even regulators in the United States are taking on defense of cryptocurrency in Federal meetings. Bermuda’s government has had bi-party support to pass legislation making crypto and blockchain companies so they may feel at home on the island, with international business also constantly looking for tools to improve their core business.
Bermuda continues to look like it will be a hub for blockchain innovation.
This report was based on the survey of general public opinion carried out in Bermuda by the Bermuda Omnibus. The survey was carried out through a telephone interview with a total sample size of four hundred adults. While making public the result of the survey, TRA mentioned that the perceptions of residents were asked for based on the eager approach of Premier Burt to seek economic potentials with virtual currencies.
During the survey, the residents were specifically first asked to assess the level of their awareness of virtual currency, popularly referred to as crypto currencies. They were also asked to indicate their support or disagreement on the proposed initiative of the Government to set up regulatory legislation that would recognize organizations trading with virtual assets.
Having said this, two-third (64%) of respondents thinks that the introduction of legislation that recognizes organizations dealing with virtual assets will enhance the future of the economy of Bermuda. Less than two out of ten residents (16%) disagree with the notion that virtual currency legislation will have a positive impact on the economy of Bermuda. About 20% of respondents are not sure of the impact of the legislation on the economy. One thing is sure though, the more familiar the residents are about the technology, the more optimistic they are about the economic opportunities of cryptocurrency legislation in Bermuda.
On the other hand, the small portion of respondents who negate the initiative (33% — N-72) strongly believe that it is a risky venture while another portion of about 17% declares that more research need to be carried out to ascertain the potentials of the technology for the economy of the State. 14% of respondents also pointed out that there are possible security risks that can be expected with this kind of currency. Not surprising for the fear of risk in any business or technology. Software startups in the 1990’s, called the “dot-com bubble” saw many companies, as high as 52%, come and fall from great heights and monetary valuations, but from that crucible came companies that have quite literately changed the world.
It is worthy to note that there has been development in legal and policy relating to virtual currencies in other parts of the world. As a matter of fact, a number of regions have made cryptocurrencies a means of financial transactions. Among these are Swiss Cantons of Zug, the Isle of Main, and Mexico. These countries have accepted cryptocurrencies as a means of transacting business alongside their national currency. In addition to this, the government of Barbuda and Antigua have also made government supported ICOs as tools for funding charities and projects in their countries.
Another country that seems to have initiated legislation that support cryptocurrencies is Canada. Canada permits the use of virtual currencies, including Bitcoin for financial transaction within its country. According to a webpage on digital currencies found on the Financial Consumer Agency of Canada website, it was explicitly stated that ‘you can use digital currency to buy and sell goods, and you can sell digital currency on open exchange’. It is however important to mention that virtual currencies, including Bitcoin are not considered as legal tender in the country.
Gilbert A Darrell is the Founder of Horizon. He has 18 years experience in information technology and telecom solutions, a veteran in Fire and EMS Services, a crypto enthusiast and a member of the Bermuda Government’s Cryptocurrency Task Force.
Horizon Communications is an upcoming fixed wireless internet and cellular service provider looking to provide services in Bermuda, the Caribbean, and Central America before expanding internationally. While utilizing 4th generation and soon 5th generation wireless technology,it will also heavily incorporate blockchain and cryptocurrency technology.
More information can be found on their website — www.HorizonComm.co
