Minister Caines In London For Fintech Meetings

April 16, 2018 | 29 Comments

The Ministry of National Security advised today [Apr 16] that the Minister Wayne Caines is currently in the UK this week to share Bermuda’s Fintech Strategy with London’s key industry influencers.

“The Minister’s discussions regarding Bermuda’s Fintech Strategy are considered timely as the Government recently tabled landmark legislation regarding the regulation of Initial Coin Offerings [ICO],” the Ministry said.

“The next Bill to be tabled will be the Virtual Currency Business Act, which will set out the regulatory infrastructure that will govern Virtual Currency Digital Asset Exchanges.”

Minister Caines said today, “There continues to be considerable interest both locally and internationally about what Bermuda is doing in the areas of blockchain technology and virtual currency.

“We believe that Bermuda will become a global leader in the Fintech space. So, this visit is quite timely as it allows us to share Bermuda’s Fintech Strategy directly with some of London’s key business industry influencers.”

“A primary focus of the Minister’s visit, will be his presentation of Bermuda’s Fintech Strategy at the Mishcon De Reya law firm to industry stakeholders,” the Ministry added.

“Additional scheduled engagements include a meeting with the City of London Corporation, a Crypto Seminar, attendance at the CHOGM Business Forum, a meeting with UK Treasury Officials who specialise in UK Fintech, and a meeting with the Financial Conduct Authority for a Global Sandbox. The Minister will also attend a meeting hosted by the Business Development Agency [BDA].

“While in London, it is anticipated that Minister Caines will also meet with select members of the British Parliament. He will also conduct media outreach before returning to Bermuda on April 22, 2018.”

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  1. aceboy says:

    Where is Flip Flop and why is Caines acting like the deputy Finance Minister? Is he doing his national security duties as well?

  2. The Original Truth™ says:

    Caines please stop wasting our money on these useless trips. Your crypto bulls are stampeding over common sense. There’s no future in ICOs. Prime Minister Theresa May has already said, “Cryptocurrencies like Bitcoin, we should be looking at these very seriously, precisely because of the way that they can be used, particularly by criminals.” There are too many shams going on with ICOs.

    • rumsoak says:

      This

    • Claire says:

      Soooo… Theresa May is your idea of a great leader whom we should all follow? Are you impressed with her vision for the UK? Her track record for implementing change? Her economic policy? The way she’s treated Windrush citizens? I’d take Minister Caines over Theresa May any day, thanks!

      • The Original Truth™ says:

        You’ll take Minister Caines over Theresa May? GET REAL!

        Since the 1960′s PLP and it’s supporters have pushed laws forward that treat Portuguese immigrants in BDA the same and in some ways worse than windrush citizen. Minister Caines is not and will never help these immigrants but you expect Theresa May to help Caribbean immigrants in the UK. Typical PLP mentality!

        Anywaaaay! This is beside the point I was making. Theresa May regardless of what you or anyone else feels about here is the leader of the UK and she opposes ICOs. Since the leader of the UK is against ICOs it proves Cain’s statement, “We believe that Bermuda will become a global leader in the Fintech space. So, this visit is quite timely as it allows us to share Bermuda’s Fintech Strategy directly with some of London’s key business industry influencers.” is misleading. Blockchain can be part of Fintech but the part of Fintech that is to do with blockchain has nothing to do with ICOs. The blockchain that involves these UK Fintech space companies does not use cryptocurrencies and never will because this part of blockchain is a security risk.

  3. Gustav says:

    useless , just burning tax ………

  4. Hmm says:

    Why is Minister Caines dealing with this rather than Simons?

  5. puzzled says:

    Another PLP paid holiday.
    Some are Caine and few are Able.

  6. Stevie says:

    Anyone else gone on a wasted trip?

  7. Micah says:

    But where are the jobs?

    • rumsoak says:

      24 -12 man , don’t worry about the jobs .

      • Dr. the Hon. Ewart F Brown says:

        Almost 26-10!

        • The Original Truth™ says:

          What about all the thousands of expat’s permits approved during your tenure? The ones who took many jobs from blue collar Bermudian workers and still remain today. The ones that have renewed 1 to 2 year permits for over a decade now and will continue to renew until they have PRC. The ones you let in and OBA decided should get PRC after 15 years of permit approvals while PLP supporters chanted NO NO NO. Did you explain to anyone why that record number of permits were being approved while the employment of Bermudian workers dwindled? What about those numbers Ewart?

    • rumsoak says:

      Where are the jobs ?

  8. aceboy says:

    WC: You know, a town with a little money is like a mule with a spinning wheel, no one knows how he got it and be danged if he knows how to use it.

    The name’s Caines…Wayne Caines…and I come before you good people with an idea…probably the greatest….nawww….it’s not for you…it’s more of a “Bahamas” kind of idea.

    PLP: Now wait a minute, we’re twice as smart as the people in the Bahamas! Just tell us the idea and we will vote for it!

    WC: All right! I give you the Bermuda Fintech idea!

    I’ve sold Fintech to audiences in Newark, Atlanta, Switzerland and by God it put them on the map!

    Yes Sir, there nothing on earth like a genuine bona fide electrified Fintech idea! What I say?!

    PLP: Fintech!

    WC: What’s it called?

    PLP: FINTECH!

    WC: That’s right, FINTECH!

    Piano music starts:

    PLP member: I hear that Fintech will make no money

    WC: The government has lots to give, don’t worry honey!

    PLP member: But will Fintech bring lots of jobs?

    WC: It’ll give you jobs like Santa Claus!

    PLP member: Have you Sir been sent by the devil?

    WC: No good sir I’m on the level!

    I swear it’s Bermy’s only choice, I’ll say Fintech until I lose my voice!

    FINTECH…what’d I say?

    FINTECH! I can say it all day!!

    Fintech…FINTECH…FIIIINNNNTECCHHH!!!!

  9. WSP says:

    Pipe dream

  10. Alan says:

    The Premier and Junior Finance Minister are at RIMs. I do have to wonder if the travel bit was included in the JFM’s job description when he agreed to withdraw his Private Member’s Bill (the one about Gays, remember) and instead serve this Government loyally for quite a big pay increase… In the meantime, the National Security Minister is tonight in London on tax payer dollars. Well if these guys can bring home the bacon, that’s great. If not, we’ll at least somebody is having a good time.

    • Do Right says:

      The JFM did not see a big pay increase, that is simply not true. Stick to the facts.

      • Alan says:

        How much was it? Pray tell.

      • aceboy says:

        He certainly did get a big pay increase. We now pay him to be a full time Minister and yet Wayne seems to be doing his job. Mr.Furbert’s appointment appears to be nothing but a reward. Great value for money from the PLP!

  11. Hmm says:

    Nothing but a show with little to show for it! The country has no money but there’s always a purse for the travel fever…

  12. Stevie says:

    Hope Caines can afford razor blades to get rid of the overgrown growth on his smug face.

    • Do Right says:

      What does his beard have anything to do with this initiative? I am a little concerned about some issues surrounding this space, but not the Minister’s appearance.

  13. Claire says:

    When the internet first arrived on the scene, millions of people thought it was just a phase. Do all of the people commenting here really understand digital currencies and blockchain, or are you all just negative ninnies, saying ‘no’ to every new opportunity that comes along? If we want Bermuda to lead in this world instead of follow, we need to open our minds to new opportunities. Assess all the risks, YES, of course, but let’s stop being our own worst enemies.

    I applaud Wayne Caines for grabbing an emerging opportunity and making it happen. Bermuda, let’s make things happen instead of shooting everything down before we’ve even understood what it is.

    • The Original Truth™ says:

      Euro, Dollar, Yen and most of the other standard world currencies are digital currencies already. You can buy any goods you want with them and convert them. Cryptos are not the same and will never be. Blockchain does not need Cryptos to run and can run using real currencies. Cryptos are collectibles that trade purely on speculation. There’s no real value attached to them. Want to invest in blockchain? There are many blockchain companies with real stocks on the nasdaq and real futures to invest in. No need for this play money to be involved in blockchain.

  14. Stevie says:

    Appearance plays a big part if you representing your country. Caines fails that big time.

  15. Micah says:

    Men with beards have got something to hide it’s a defence mechanism

  16. swing voter says:

    LoL I really don’t care….I really don’t anymore

  17. 1950s Bermuda We Miss says:

    Some of these comments really make me wonder if the only way to please people is to revert to segregation. IB has and will continue to consolidate, Bermudians are now locked out of IB for employment by a self-interested expat workforce who fear returning to 35-45% income tax.

    So the ONLY source of new employment will be trying to gain momentum in new areas, outside Tourism.

    Anything PLP decide to do will always be attacked, fine, but criticism of a professional man wearing a beard? Do you people read international publications and see that a beard is no longer taboo, oh I forgot, it’s another world right.

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