100 Minute Video: Cryptocurrency Lunch & Learn

February 21, 2018 | 10 Comments

Minister of National Security Wayne Caines held a lunch and learn event today [Feb 21] to discuss cryptocurrency, blockchain, and other aspects of digital currency, with the Minister joined by industry experts and attendees to discuss and the Government’s plans.

“This is a phenomenal opportunity for our country to grow,” said the Minister, who noted Bermuda’s strong reputation as a “prudent jurisdiction,” stressing that they plan to do things well, ensuring the arena is well regulated and vetting people who may become involved.

Minister Caines said they want to create legislation for ICOs, asset exchange and digital ID; saying that these things are ‘in train’ and have to go through the process.

The Minister said they want to get legislation to the House next month, and noted that he was very enthused and added that birthdays, holidays and weekends are “cancelled” as they work towards that goal.

The 1 hour and 45 minute live video replay is below:

Speaking on e-residency and EID, Minister Caines said he wanted to clarify, causing attendees to laugh when he said if people do not understand the concept correctly, they “will be like Caines is giving the island away.”

“We have to have a conversation,” the Minister said, adding that they feel it can be a “significant money earner” which can help everyone in the country, and “if we take our time and do it right, it will be seismic.”

Premier David Burt also stopped by the event today and reiterated comments he made in the 2018 Budget, where he said, “The growth of digital currencies is among the fastest-growing areas of global economic activity.

“Blockchain-based technologies have the potential to transform the way in which business in the world is conducted. While digital currencies are the first breakout area, there will be many more advances, and the Government wants to ensure that Bermuda is positioned to benefit.

“In keeping with Bermuda’s international reputation for sound regulation, the Government has assembled leaders in this area of emerging technology to develop a legal framework and regulatory regime that is strict but does not stifle innovation.

The attendees at today’s event:

Minister Wayne Caines on cryptocurrency Bermuda Feb 21 2018

“Bermuda will be well served by the economic growth and jobs that this emerging industry can bring to our economy,” Premier Burt said.

“The Government is moving at a pace reflective of the urgency of the need, while prudently ensuring that this new sector is internationally respected for its sound regulation and adherence to the highest standards of compliance, for which Bermuda is known.

“The Government, in conjunction with the Bermuda Monetary Authority, is currently developing legislation to govern Bermuda-based initial coin offerings and will, consistent with our vision, build a world-class regulatory framework for the oversight of digital asset exchanges and digital currency businesses in Bermuda.”

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Comments (10)

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  1. Good Stuff says:

    With all due respect honorable minister, of course people want to get on-board! Not because they are convinced by our reputation, but because they need a sucker! I value your enthusiasm, but caution you to slow down and look at this holistically.

    • Black Soil says:

      When cryptocurrencies are worthless what will the Minister then say. Lemmy guess “you knew the risks right”. Just because millionaires are created every day around the world from playing the lotteries does not mean playing the lotteries is a good way to spend your money.

      • Black Soil says:

        Cryptocurrencies will NOT bring jobs. Cryptocurrencies is a way of introducing a “regulated” lottery system into Bermuda. When cryptocurrencies get shot down Bermuda will look stupid.

  2. Good Stuff says:

    “My focus is to increase the GDP of this country first”.

    You can barely pronounce the name of the country. I’m all for economic growth, but C’mon dude. No need to BS.

  3. Real Deal says:

    Bitcoin wants to be regulated. Bermuda is interested in setting up and managing that regulation infrastructure up for Bitcoin. If Bermuda can pull this off it would be next level.

  4. shrew says:

    all these cryptos should be regulated just like any other currency. the exchanges should be regulated… but guess what THAT will NEVER happen. the people behind the cryptos – and there are thousands of cryptos already – do not want to be traced. that’s the WHOLE raison d’etre of a crypto. it’s interesting that Simmons wants to use crypto for gaming… great way for our money to literally disappear and be untracable.

    • HMMM says:

      I wonder if they were told the whole truth or just the fluff! Like, what will happen to your crypto-currency when your account is hacked and your currency is transferred without your consent. Or if someone tricks you into logging into a “real but fake looking” website and gets your username and password. Or lets say someone puts spy software on your computer and gets your info? It happens hundreds of times a day, with regular online banking, credit cards, and with crypto currencies accounts too. Our banks here in BDA have had their servers hacked, and so have VISA, MC and just about every fortune 500 company. With No emergency number, no office to visit for answers and help, no way to track where your money went, no insurance, and nobody to report the crime to that can actually do anything about it. If someone empties your “digital wallet”, how will you identify them to the authorities? Your digital money is gone, but you can’t check your security cameras, identify someone in a lineup, trace the I.P address, – nothing. You have nobody to call for help! Putting that aside, lets just say that you forgot your password? These accounts usually issue you a vey long password that can’t later on be changed to something that is easy to remember like Wayne2018. How many of use can honestly say that we have never forgotten a password? Not me! Who can you call? Nobody!

      I know of one person here in Bermuda that purchased BITCOIN many years ago, just for fun back in 2012 when it cost almost nothing. He sat on it until 2017 when it got around 5K and decided he might want to sell! So what is the problem? He has no idea what his password was. We wrote it down someplace but cant find it. Hopefully someday he will find it. If that was his online account, he could walk into the bank and get it sorted out in about 30 minutes.

      People, Crypto $ is a cool idea and it is baking lots of noise! But why? Because it lets people transfer money without being traced! That is also what makes it such a bad idea! If someone takes your money – its gone – POOF and you have nobody to turn to for answers – except for Mr. Caines!

      We have seen all seen this kind of pump and dump, get in while you can, rush to get rich scheme, pyramid, in Bermuda and around the world many times. We all know someone that got duped. Some that come to mind. Global Prosperity, YTB Travel, the .com bust, grocery clubs (can’t remember their names) All spread like wildfire through Bermuda. They all had big media releases, worldwide conferences, awards ceremonies and more, and as quickly as they came – they were gone with everyone’s money.

      Minister Caines, It’s fine if you want to risk

  5. Lance says:

    Can’t manage trash pickup, but wants to get into Crypo-Currency.

    What could go wrong?

  6. aceboy says:

    Why is the Minister of National Security speaking on cryptocurrency initiatives?

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