Digital Assets Will Be Accepted for Tax Payment in the Bahamas
The sand dollar, the country’s official digital currency, will also be used to access digital assets by residents.
Digital assets will be allowed to pay taxes in the Bahamas by the government, according to a white paper outlining the country’s digital asset policy through 2026.
This includes providing access to digital assets via the Bahamas Sand Dollar, a government-issued digital currency that was created in 2020 and will be available to Bahamians beginning in 2020.
We want to become The Bahamas the Caribbean’s foremost digital asset centre,” Prime Minister Philip Davis declared.
In the week leading up to FTX’s Crypto Bahamas conference, the white paper for the project has been released. Former British Prime Minister Tony Blair, former US President Bill Clinton, and National Football League star Tom Brady will all be in attendance.
CEO Sam Bankman-Fried attributed the decision to a “progressive and forward-thinking crypto law” that would have regulated the sector in the Bahamas in September of that year.