Bahamas to make Residents Pay Taxes With Crypto

The federal government of Bahamas enables its residents to pay for taxes with cryptocurrencies, according to a white paper setting out the country’s digital asset strategy until 2026.

Inside a white paper released on Wednesday, the Bahamas’ Office of the Prime Minister said the government will start to “enable payment of fees using digital assets” by working with the country’s main bank as well as the private sector.

“We have a vision to remodel The Bahamas in to the leading digital asset hub in the Caribbean, inch said Prime Ressortchef (umgangssprachlich) Philip Davis.

Within addition, the federal government also plans to permit the residents to get into cryptos using the Bahamas sand dollar, one of the first main bank digital currencies launched in 2020.

In Oct 2020, the Bahamas became the very first legislation in the world to completely roll away a CBDC. The particular digital currency, the Sand Dollar is aimed at traveling greater financial addition within the island nation.