The Bahamas’ prime minister says he will turn to the crypto for innovation and offsetting GDP losses
As the cryptocurrency industry flourishes around the world and digital assets such as Bitcoin (BTC) become more widely used, some nations turn to them as they try to solve certain problems that plague their communities, including the Bahamas.
In fact, Bahamas Prime Minister Philip Davis drew attention to the damage his country was suffering from climate change and announced plans to focus on the crypto space for technological innovation and find ways to compensate for GDP losses. Nassau Guardians Paige McCartney reported July 14th.
Environmental and economic damage
When Davis discussed economic development and investment with St. Vincent and Grenadine Prime Minister Ralph Gonsalves at the Concordia Americas Summit in 2022, Davis expressed hope that world leaders would do more to reduce carbon emissions that threaten to destroy the island nation “within the next 30 years. . “
According to him, these two “small island states have nothing to do with carbon emissions, but apart from the fact that we do not emit, we are also one of the largest and most significant carbon valleys in the world. And then we have collected the rubbish out of the air because of the seagrass and our mangroves, but we do not get paid for it. “
On top of that, Davis believes that more than 50 percent of the Bahamas’ sovereign debt is a direct result of climate change caused by industrial-oriented nations, in addition to having to “borrow to recover, borrow to bring the country back to normal.”
The role of crypto in solving problems in the Bahamas
In Davis’ view, crypto has the potential to solve some of the problems his country is facing as a consequence of climate change and industrial development. As he explained:
“We are now engaging the voluntary markets, and we will link it to the crypto area as well, so that we can continue to innovate to see how we can have sources of revenue,” he said.
Finally, he emphasized that:
“We [have] recognized the crypto space, recognized that it has come to stay and that the 20% of GDP that I had lost due to the intervention of the industrialized world, that was the way to replace it. So I went for crypto in the economic area, and then I linked it to one of the other consequential problems facing our small island developing states, which is the consequences of climate change. “
It is also worth noting that the Bahamas is home to the cryptocurrency exchange platform FTX.
Together with Anthony Scaramucci’s finance and technology forum SALT, FTX held an exclusive event called ‘Crypto Bahamas’ between April 26 and April 29, and gathered 2,000 participants from the crypto industry, as Finbold reported.
