David Burt of Bermuda Premier On Crypto, Blockchain, Tech, And Privacy
As Premier Burt prepares to lead Bermuda towards stablecoins, Jewel Bank has been approved as Bermuda’s first digital asset bank.
Jewel has been granted full-bank and digital asset business licences by the Bermuda Monetary Authority (BMA), with ambitions to produce a USD stablecoin and other single fiat currencies.
The Bermuda Monetary Authority (BMA) has granted Jewel Bank complete bank and digital asset business licences, making it the island nation’s first digital asset bank, according to the company. (This week, David Burt, Bermuda’s Premier, will talk at Consensus 2022 in Austin, Texas.)
Jewel Bank will collaborate with digital asset enterprises in the United States and other non-sanctioned nations.
The bank intends to provide services in Bermuda and accelerate the country’s “digital transformation.”
Bermuda is known for its crypto-friendly rules and compliance with anti-money laundering and counter-terrorist financing efforts, according to Jewel’s leadership.
Jewel Settle is a real-time payment settlement network that will allow select Jewel clients to settle in USD with their digital asset trading partners in minutes, at any time of day.
Jewel is planning to launch a USD stablecoin as well as other single fiat currencies.
Stablecoins will also be issued for other banks and non-bank financial firms that lack the same regulatory, technology, and compliance skills as the bank.
Bermuda Premier David Burt told CoinDesk in a podcast this month at the World Economic Forum in Davos, Switzerland, that he is leading projects to utilise the island as a testing ground for stablecoins and to establish a community-owned national digital bank.
“Institutional banking infrastructure has been a critical missing link for high-growth digital asset exchanges and institutions outside of the United States, bringing much-needed liquidity, reliability, and scale to this rapidly growing global space and its demand for fiat ramps and stablecoin payments,” said Jewel Bank’s founder, chairman, and chief strategy officer, Chancellor Barnett.