TechFlow News, May 13: According to a Cointelegraph report, the Government of Bermuda announced it will migrate certain payment and financial services activities onto the Stellar network as part of its initiative to build a “fully on-chain national economy.” Bermuda’s Premier David Burt stated that, following risk assessments, the government may accept and invest in digital assets and advance the on-chain migration of select financial services to address high transaction fees. Premier Burt previously revealed that the Bermuda government has established partnerships with Circle and Coinbase. Since enacting the Digital Asset Business Act in 2018, Bermuda has consistently promoted a regulatory framework friendly to the cryptocurrency industry.
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