The Bahamas Prime Minister Philip Davis turns to cryptocurrencies for help amidst the ongoing destruction being caused by climate change, hoping to find help with its technological modernization.
At the 2022 Concordia Americas Summit, Prime Minister Davis discussed carbon emissions with St. Vincent and the Grenadines Prime Minister Ralph Gonsalves and discussed his hopes for the reduction of the emissions for the sake of his country, which has felt the repercussions of climate change the most, despite having the smallest impact on the environment itself.
Climate change is a huge problem not only in the Bahamas but also worldwide, and Davis is convinced that at least half of the national debt has to do with borrowing capital in order to cope with the various adversities the country has been through. He believes that crypto can help with some of these problems, saying:
“We are now engaging the voluntary markets, and we’re going to tie that to the crypto space as well, so that we can continue to innovate to see how we can have revenue sources. We [have] recognized the space of crypto, recognized that it’s here to stay and that the 20% of GDP that I had lost because of the intervention of the industrialized world, that was the way to replace it.”
The world is changing ever so rapidly with cryptocurrencies being a large part of our development. Many countries and individuals believe this change to be a good sign and are trying to get the best out of it, the Bahamas being one of them.