Next Crypto Stop: The Bahamas

The residents of the Caribbean archipelago might soon pay their taxes with cryptocurrencies.

Next Crypto Stop: The Bahamas

The people of the Bahamas might soon enjoy the benefits of using digital assets as one of the official means of tax payment. The information has been published in a recently released white paper and later confirmed by the prime minister of the Bahamas, Philip Davis himself.

The official release confirms that the government will soon “enable payment of taxes using digital assets.” The private sector shall cooperate with the central bank on not only this project, but also on bringing the Bahamian CBDC, the Sand Dollar, into the forefront of public payments, along with the Bahamian Dollar, understandably.

The paper further elaborates on measures that will be taken in order to ensure fair use of digital currencies:

“The Government will endeavor to ensure that digital assets are not used for the evasion of taxes or sanctions, and will seek to ensure compliance with all applicable Tax Information Exchange Agreements (TIEA) and domestic laws and agreed OECD standards.”

Furthermore, a digital asset policy committee will be established, along with a digital advisory panel (DAP) “to keep digital assets and related digital developments, emerging trends, and associated risks constantly under review.”

It seems that the number of countries legalizing cryptocurrencies as official tenders in one way or another keeps growing. It will be exciting to see which one of them will eventually go as far as to follow El Salvador in fully legalizing Bitcoin.

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