The authorities of the Bahamas is reportedly gearing towards rolling supporting features for digital assets usage via the world’s first central bank digital currency (CBDC). 

Specifically, as included in the white paper regarding the future of digital assets issued on 20th, the Bahamas’ Office of the Prime Minister reportedly revealed the authority’s decision to start “enabling payment of taxes using digital assets”, via collaborating with the nation’s central bank together with the private sector. 

Furthermore, the authority has plans down its pipeline to establish an infrastructure facilitating citizens access to crypto with the Bahamian dollar, as well as encouraging greater use of the country’s CBDC, the Sand Dollar.

“The Government will endeavour to ensure that digital assets are not used for the evasion of taxes or sanctions, and will seek to ensure compliance with all applicable Tax information exchange agreements (TIEA) and domestic laws and agreed OECD standards’. 

In its attempts to achieve consistency throughout the branches of government, the Bahamas reportedly shared its plan to establish a digital asset policy committee along with a digital advisory panel (DAP). 

The former will be chaired by the prime minister – Philip Davis, at the time of publication – with the Financial Secretary, the Central Bank of The Bahamas governor, the executive director of the country’s Securities Commission, and the DAP chair serving as members.

The advisory panel will reportedly be made up of professionals working in the digital asset sphere, “to keep digital assets and related digital developments, emerging trends, and associated risks constantly under review.”