On Tuesday, September 1, the Bermuda government announced the launch of a pilot program to test a BMDT stable coin linked to the Bermuda dollar.
The project is implemented jointly with Stablehouse, a payment startup. It is reported by Decrypt.
Stablehouse is an "issuer of stable coins". The startup is advised by former head of Tether Phil Potter, who will share his experience with the government in providing digital Bermuda dollar, BMDT.
The island authorities plan to use the BMDT to find out whether digital tokens can be used to buy basic goods and services in the country. The initiators of the stalking launch also want to collect important information and data on whether sellers will easily accept digital tokens as a method of payment. To do so, they have engaged three sellers, as well as 20 people who have been awarded a free BMDT scholarship to conduct trading transactions.
The token will work in Liquid Network, a payment and settlement network developed by Blockstream.
The token promotion initiative has been developed by local authorities since last year and is part of a comprehensive plan to introduce digital currency on the island.
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