Join us on Twitter or Telegram
By clicking “Accept”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. Customize Settings
As the cryptocurrency industry flourishes around the world and digital assets like Bitcoin (BTC) become more adopted, some nations are turning to them as they seek to solve certain problems plaguing their societies, including the Bahamas.
Indeed, the Bahamas Prime Minister Philip Davis drew attention to the damage his country was suffering due to climate change and announced plans to turn its attention toward the crypto space for technological innovation and finding ways to offset GDP losses, The Nassau Guardian’s Paige McCartney reported on July 14.
Discussing economic development and investment with St. Vincent and the Grenadines Prime Minister Ralph Gonsalves at the 2022 Concordia Americas Summit, Davis expressed hope that world leaders would do more to reduce carbon emissions that are threatening to destroy the island country “within the next 30 years.”
According to him, these two “small island states have nothing to do with the carbon emissions, but quite apart from not emitting, we are also one of the major and significant carbon sinks of the world. And so, we have been collecting the garbage out of the air because of our seagrass and mangroves, but we are not being paid for it.”
On top of that, Davis believes that more than 50 percent of the Bahamas’ national debt is a direct result of climate change caused by the industry-oriented nations, as well as having to “borrow to recover, borrow to bring back the country to normalcy.”
In Davis’s 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’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,” he said.
Finally, he stressed that:
“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. So I went after crypto in the financial space, and then I tied that into one of the other consequential issues that faces our small island development states, that is the consequences of climate change.”
It is also worth noting that the Bahamas is the home of the cryptocurrency exchange platform FTX
Together with Anthony Scaramucci’s finance and technology forum SALT, FTX held an exclusive event dubbed ‘Crypto Bahamas’ between April 26 and April 29, bringing together 2,000 participants from the crypto industry, as Finbold reported.

Join us on Twitter or Telegram
Or follow us on Flipboard Flipboard
Like the article? Vote up or share on your social media
Weekly Finance Digest
Check your inbox or spam folder to confirm your subscription.

By subscribing you agree with Finbold T&C’s
Ana Nicenko has a plethora of knowledge and experience as a journalist covering the cryptocurrency and blockchain industries, having written for a variety of projects and organizations. Additionally, Ana has a master’s degree in English Language and Literature. At Finbold, she reports news on the digital assets sector.
Copyright © 2019-2022
Weekly Finance Digest
Check your inbox or spam folder to confirm your subscription.

By subscribing you agree with Finbold T&C’s
DISCLAIMER WARNING: The content on this site should not be considered investment advice. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence. This website is free for you to use but we may receive commission from the companies we feature on this site.
Or copy link


Write A Comment