Bloomberg Law
Sept. 1, 2020, 1:00 PM

Bermuda Dives Deeper Into Crypto With Stimulus Coin Test Program

Olga Kharif
Olga Kharif
Bloomberg News

Bermuda is taking another step toward embracing cryptocurrencies. The North Atlantic chain of islands is testing a digital stimulus token, which can be used to buy food and other essentials.

The pilot program was started in July with 20 people and one local shop, and it is being gradually expanded. The stimulus token is a so-called stablecoin, which aims to keep its value from fluctuating much and is backed by bank deposits. The coin, created by the Stablehouse coin clearing firm, was designed to be used by businesses the government wants to help.

Bermuda is already accepting tax payments and ...