The project is a part of the government’s initiative to support the digital currencies’ adoption
Bermudan retailers and residents are currently testing the digital stimulus token. The token has been developed in partnership with Stablehouse, a Bermuda-based payment and exchange platform.
These tokens can be used to purchase goods and services at participating vendors. They can be sent to a digital wallet on a recipient’s phone and spent at a vendor by scanning a QR code on a POS.
The participants need to register their IDs, and then the government will send them a certain amount of money to the phone wallets.
Bermudan Premier David Burt reports that tokens are expected to make digital payments more accessible to small businesses.
In case of a successful trial, the initiative will be rolled out more widely in Bermuda’s Economic Empowerment Zones.
We’ve reported that major music service eMusic has presented its own digital token called eMU. The token is based on blockchain technology, thus making payments to artists more efficient and transparent.