London Daily

Focus on the big picture.
Wednesday, Oct 22, 2025

Bermuda Will Trial Digital Dollar for Rum Sales

Bermuda Will Trial Digital Dollar for Rum Sales

In Bermuda, you may soon be able to use digital dollars to buy rum.

Canadian fintech firm Bidali announced Thursday that, with the support of the Bermuda government, it has launched a pilot to test a digital Bermuda dollar. Under the pilot program, popular local rum company Gosling’s Limited will be accepting digital Bermuda dollars through the Stellar network. In other words, people will be able to buy rum with digital dollars.

The pilot is the latest development in Bermuda’s plan to create a comprehensive crypto payments system that uses a digitized version of the Bermuda dollar. The initiative has been underway since 2018, when Bermuda launched its licensing regime for crypto and blockchain fintech firms in the country.

According to the announcement, the first phase of the project will be coordinated by Penrose Partners, a Canadian and Bermudan emerging technology consulting firm.

“With this pilot we’re looking forward to seeing people get hands-on experience with this technology and start to realize the benefits. From there we hope to expand to other businesses in Bermuda,” said Eric Kryski, Bidali’s chief executive.

Denis Pitcher, chief fintech adviser to Premier E. David Burt, explained that Bermuda, a British island territory in the North Atlantic Ocean with a population of around 64,000, does not have a central bank or the necessary expertise to issue the type of government-issued digital currencies countries like China are developing.

Bermuda also does not have access to payment platforms that are typically taken for granted in other countries like PayPal or Square, Pitcher said. Under these conditions, existing crypto systems can help connect Bermudans with the global financial system.

“Our aim is to try and get the Bermuda dollar digitized on every public blockchain. Then, the markets and citizens will figure out what the best solution is,” Pitcher told CoinDesk.

To that end, Bermuda invites fintech firms from all over the world to come experiment and help build a digital payments network in the country.

“What we really resolved to do is to try and attract players to demonstrate their technology on the island,” Pitcher said.

A number of initiatives are already underway. A year after Bermuda launched the blockchain regulatory framework to attract businesses to the country, it started work on a pilot for a blockchain-based digital ID solution.

Since the Bermuda dollar is pegged one-to-one to the U.S. dollar, Pitcher said that it made sense to attract firms that excelled in stablecoin applications. In 2019, the government announced Bermudans could pay taxes with USDC stablecoins, a cryptocurrency pegged to the U.S. dollar. USDC is issued by the CENTRE consortium of crypto exchange Coinbase and Circle Pay, a Boston-based company that is one of eight digital assets firms licensed in Bermuda.

In 2020, Bermuda piloted a digital stimulus token to distribute funds to citizens during the coronavirus pandemic. According to Pitcher, the 2020 stimulus token project was dedicated to experimenting with the Liquid network, while the new digital dollar pilot works with the Stellar network.

“There’s not going to be one unifying solution that’s going to be optimal for every problem. It’s more likely to be that there will be different blockchains that will solve different use cases or different problems,” Pitcher said.

‘Many moving parts’
Although Bermuda is moving forward with the project, Pitcher admits that progress is slow due to a number of challenges.

Integrating payments systems with banks and just getting banks on board has been a challenge, Pitcher explained. Bermuda’s strict licensing regime means companies have to work towards meeting the standards of the country’s financial regulator.

“One of the big challenges we have is, since we have roughly $3 billion in debt, every dollar that flows in basically flows out immediately. So it becomes a management challenge,” Pitcher said.

Despite the various obstacles, Bermuda is forging ahead.

“It’s not our position to say which tech is going to solve the problem. It’s our position to look at what are the risks and how we make sure they’re managed. … Your customers may want to be able to pay in USDC or they may want to pay in a variety of assets. So it’s about enabling that kind of choice,” Pitcher said.

Source: Fintechs.fi – Fintech News

Newsletter

Related Articles

0:00
0:00
Close
‘Frightening’ First Night in Prison for Sarkozy: Inmates Riot and Shout ‘Little Nicolas’
White House Announces No Imminent Summit Between Trump and Putin
US and Qatar Warn EU of Trade and Energy Risks from Tough Climate Regulation
Apple Challenges EU Digital Markets Act Crackdown in Landmark Court Battle
Nicolas Sarkozy begins five-year prison term at La Santé in Paris
Japan stocks surge to record as Sanae Takaichi becomes Prime Minister
This Is How the 'Heist of the Century' Was Carried Out at the Louvre in Seven Minutes: France Humiliated as Crown with 2,000 Diamonds Vanishes
China Warns UK of ‘Consequences’ After Delay to London Embassy Approval
France’s Wealthy Shift Billions to Luxembourg and Switzerland Amid Tax and Political Turmoil
"Sniper Position": Observation Post Targeting 'Air Force One' Found Before Trump’s Arrival in Florida
Shouting Match at the White House: 'Trump Cursed, Threw Maps, and Told Zelensky – "Putin Will Destroy You"'
Windows’ Own ‘Siri’ Has Arrived: You Can Now Talk to Your Computer
Thailand and Singapore Investigate Cambodian-Based Prince Group as U.S. and U.K. Sanctions Unfold
‘No Kings’ Protests Inflate Numbers — But History Shows Nations Collapse Without Strong Executive Power
Chinese Tech Giants Halt Stablecoin Launches After Beijing’s Regulatory Intervention
Manhattan Jury Holds BNP Paribas Liable for Enabling Sudanese Government Abuses
Trump Orders Immediate Release of Former Congressman George Santos After Commuting Prison Sentence
S&P Downgrades France’s Credit Rating, Citing Soaring Debt and Political Instability
Ofcom Rules BBC’s Gaza Documentary ‘Materially Misleading’ Over Narrator’s Hamas Ties
Diane Keaton’s Cause of Death Revealed as Pneumonia, Family Confirms
Former Lostprophets Frontman Ian Watkins Stabbed to Death in British Prison
"The Tsunami Is Coming, and It’s Massive": The World’s Richest Man Unveils a New AI Vision
Outsider, Heroine, Trailblazer: Diane Keaton Was Always a Little Strange — and Forever One of a Kind
Dramatic Development in the Death of 'Mango' Founder: Billionaire's Son Suspected of Murder
Two Years of Darkness: The Harrowing Testimonies of Israeli Hostages Emerging From Gaza Captivity
EU Moves to Use Frozen Russian Assets to Buy U.S. Weapons for Ukraine
Europe Emerges as the Biggest Casualty in U.S.-China Rare Earth Rivalry
HSBC Confronts Strategic Crossroads as NAB Seeks Only Retail Arm in Australia Exit
U.S. Chamber Sues Trump Over $100,000 H-1B Visa Fee
Shenzhen Expo Spotlights China’s Quantum Step in Semiconductor Self-Reliance
China Accelerates to the Forefront in Global Nuclear Fusion Race
Yachts, Private Jets, and a Picasso Painting: Exposed as 'One of the Largest Frauds in History'
Australia’s Wedgetail Spies Aid NATO Response as Russian MiGs Breach Estonian Airspace
McGowan Urges Chalmers to Cut Spending Over Tax Hike to Close $20 Billion Budget Gap
Victoria Orders Review of Transgender Prison Placement Amid Safety Concerns for Female Inmates
U.S. Treasury Mobilises New $20 Billion Debt Facility to Stabilise Argentina
French Business Leaders Decry Budget as Macron’s Pro-Enterprise Promise Undermined
Trump Claims Modi Pledged India Would End Russian Oil Imports Amid U.S. Tariff Pressure
Surging AI Startup Valuations Fuel Bubble Concerns Among Top Investors
Australian Punter Archie Wilson Tears Up During Nebraska Press Conference, Sparking Conversation on Male Vulnerability
Australia Confirms U.S. Access to Upgraded Submarine Shipyard Under AUKUS Deal
“Firepower” Promised for Ukraine as NATO Ministers Meet — But U.S. Tomahawks Remain Undecided
Brands Confront New Dilemma as Extremists Adopt Fashion Labels
The Sydney Sweeney and Jeans Storm: “The Outcome Surpassed Our Wildest Dreams”
Erika Kirk Delivers Moving Tribute at White House as Trump Awards Charlie Presidential Medal of Freedom
British Food Influencer ‘Big John’ Detained in Australia After Visa Dispute
ScamBodia: The Chinese Fraud Empire Shielded by Cambodia’s Ruling Elite
French PM Suspends Macron’s Pension Reform Until After 2027 in Bid to Stabilize Government
Orange, Bouygues and Free Make €17 Billion Bid for Drahi’s Altice France Telecom Assets
Dutch Government Seizes Chipmaker After U.S. Presses for Removal of Chinese CEO
×