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Bahamas government wants to enable tax payments with digital assets

 


Bahamas residents may soon be able to use digital assets to pay their taxes, including the world's first central bank digital currency (CBDC), the sand dollar.


In a white paper on the future of digital assets released Wednesday, the Bahamas Prime Minister's Office said the government, in cooperation with the country's central bank and the private sector, aims to "enable the payment of taxes with digital assets." . The government also wants to give citizens access to cryptocurrencies with the Bahamian dollar and encourage greater use of the Bahamian CBDC, namely the sand dollar.


"The government wants to ensure that digital assets are not used for tax evasion or evasion of sanctions and wants to ensure compliance with all applicable tax information exchange agreements (TIEA) and national laws as well as agreed OECD standards," the white paper states.


To this end, the Bahamas intends to form a digital asset policy committee and a digital advisory board. The committee will be chaired by Prime Minister Philip Davis. Other members include the Treasury Secretary, the Governor of the Central Bank of the Bahamas, the Executive Director of the country's securities regulator and the Chair of the Digital Advisory Board. The advisory board will be composed of experts in the field of digital assets "to constantly monitor digital assets and related digital developments, emerging trends and associated risks".


"We aim to make the Bahamas the premier hub for digital assets in the Caribbean and a global leader in progressively regulating businesses in this deeply innovative space," Davis said, according to Eyewitness News Bahamas. "We recognize the extraordinary opportunities that digital assets present, but we also recognize the risks. As such, we emphasize the importance of effective regulation."



In October 2020, the Bahamas became the first country in the world to introduce a CBDC . The digital currency Sand Dollar should promote financial inclusion on the more than 700 islands, about 30 of which are inhabited. Crypto exchange FTX previously registered the company in the Bahamas in September 2021 .

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