This week, the Bahamas played host to the Crypto Bahamas event which is a joint effort co-organised by FTX CEO Sam Bankman-Fried and the SALT strategic think tank.
The Bahamian Prime Minister, Philip Davis, opened his Crypto Bahamas conference remarks saying:
We have the vision to transform the Bahamas into the leading digital asset hub in the Caribbean
Remember, change is certain, progress is not.
The Crypto Bahamas conference will see high-profile speakers such as former US President, Bill Clinton, former UK Prime Minister, Tony Blair, and FTX ambassador and seven-time superbowl winner Tom Brady.
The government of the Bahamas also published a white paper shortly before the event that outlined their digital asset strategy for the next four years. The white paper was drafted in with intergovernmental organisations such as the G20, Bank for International Settlements, and the Organisation for Economic Cooperation and Development in mind.
Part of the Bahamas' strategy involves allowing residents to pay tax using digital assets. Allowing residents to pay taxes in crypto-assets is a trend that has been adopted in places such as Lugano in Switzerland and El Salvador. The plan also allows authorities to work closely with financial regulators and the private sector to increase adoption of the Sand Dollar (the Bahamian dollar central bank digital currency which is live now).