Comments on: Premier: Govt To Accept Some Digital Currency https://bernews.com/2019/10/govt-to-accept-us-dollar-backed-digital-currency/ Bermuda's #1 source for 24/7 breaking news, photos & videos Mon, 13 Apr 2026 16:29:08 +0000 hourly 1 http://wordpress.org/?v=3.7.5 By: Joe Bloggs https://bernews.com/2019/10/govt-to-accept-us-dollar-backed-digital-currency/#comment-5137232 Sat, 19 Oct 2019 06:21:03 +0000 http://bernews.com/?p=922710#comment-5137232 No. That is the point. Cryptocurrencies are a new form of investment. They are unregulated and uncontrolled. A perfect way to launder money!

]]> By: Joe Bloggs https://bernews.com/2019/10/govt-to-accept-us-dollar-backed-digital-currency/#comment-5136722 Fri, 18 Oct 2019 19:53:21 +0000 http://bernews.com/?p=922710#comment-5136722 I don’t like it one Bitcoin!

]]> By: Joe Bloggs https://bernews.com/2019/10/govt-to-accept-us-dollar-backed-digital-currency/#comment-5136720 Fri, 18 Oct 2019 19:52:49 +0000 http://bernews.com/?p=922710#comment-5136720 Every currency is valued on investor confidence. The “Gold standard” disappeared over 80 years ago.

Buying Bitcoin or Litecoin or other cryptocurrency is very much like any other form of currency speculation except that such cryptocurrencies do not actually exist.

With a share or a traditional currency your investment is tangible. Crytocurrencies are entirely digital and there is no known source of central control.

That is why there is concern about the Bermuda Government joining the cryptocurrency revolution, not because cryptocurrency is bad, but because is it speculative (or gambling with real money).

]]> By: Seriously https://bernews.com/2019/10/govt-to-accept-us-dollar-backed-digital-currency/#comment-5136109 Fri, 18 Oct 2019 06:20:49 +0000 http://bernews.com/?p=922710#comment-5136109 You ever bought shares? You risk losing your money and no regulator sends you a check if you lose! It’s called risk reward dumb a$$ and it’s how we smart people make money into wealth! Get on the train as it’s a good ride!

]]> By: Question https://bernews.com/2019/10/govt-to-accept-us-dollar-backed-digital-currency/#comment-5135822 Thu, 17 Oct 2019 22:31:42 +0000 http://bernews.com/?p=922710#comment-5135822 How many digital currencies are backed by US dollars? Do any exist?

]]> By: Toodle-oo https://bernews.com/2019/10/govt-to-accept-us-dollar-backed-digital-currency/#comment-5135783 Thu, 17 Oct 2019 21:47:54 +0000 http://bernews.com/?p=922710#comment-5135783 A famous expression by one of the Barnum brothers comes to mind.

]]> By: Seriously https://bernews.com/2019/10/govt-to-accept-us-dollar-backed-digital-currency/#comment-5135645 Thu, 17 Oct 2019 18:36:27 +0000 http://bernews.com/?p=922710#comment-5135645 And while all you dreamers have been sleeping people like us who understand things have made a significant amount of money trading in coin and related industries who accept it as part of their supply chain processes! So take your time as it’s more money for us awake people vs you dreamers and fear mongers!

]]> By: Seriously https://bernews.com/2019/10/govt-to-accept-us-dollar-backed-digital-currency/#comment-5135608 Thu, 17 Oct 2019 17:38:49 +0000 http://bernews.com/?p=922710#comment-5135608 Who cares? In both examples the value to coin ratio is considerably higher than all legacy currencies in the world today! Read a book or a webpage!

]]> By: Awake https://bernews.com/2019/10/govt-to-accept-us-dollar-backed-digital-currency/#comment-5135593 Thu, 17 Oct 2019 17:19:13 +0000 http://bernews.com/?p=922710#comment-5135593 I am wide awake and watching you Mr Dunkley! You will never get back in! Never!

]]> By: Kathy https://bernews.com/2019/10/govt-to-accept-us-dollar-backed-digital-currency/#comment-5135569 Thu, 17 Oct 2019 16:42:10 +0000 http://bernews.com/?p=922710#comment-5135569 I don’t like it one bit!

]]> By: Kathy https://bernews.com/2019/10/govt-to-accept-us-dollar-backed-digital-currency/#comment-5135567 Thu, 17 Oct 2019 16:40:36 +0000 http://bernews.com/?p=922710#comment-5135567 Me too! Aren’t we at the end of 2019?

]]> By: question https://bernews.com/2019/10/govt-to-accept-us-dollar-backed-digital-currency/#comment-5135449 Thu, 17 Oct 2019 12:59:05 +0000 http://bernews.com/?p=922710#comment-5135449 Yet you love taking credit for the airport jobs, etc.

]]> By: imjustsaying https://bernews.com/2019/10/govt-to-accept-us-dollar-backed-digital-currency/#comment-5135443 Thu, 17 Oct 2019 12:45:40 +0000 http://bernews.com/?p=922710#comment-5135443 In cryptocurrencies, price is determined solely on the basis of demand and supply, and speculation is what drives their price.
For instance, bitcoins being the most popular crypto is most expensive, priced over $ 9,000 as on February 26, 2018. In April 2017, the bitcoin was priced at around $1,100 and within an year the price surged to over $9000 by February 2018.
Bitcoin price on January 26, 2018 was $ 11,090.06 and on February 5, within 10 days it crashed to $ 6,941.26, and as on February 26 it is $9,690.01.
 buying Bitcoin or other cryptocurrencies is more like gambling than investing.

]]> By: ImJustSayin https://bernews.com/2019/10/govt-to-accept-us-dollar-backed-digital-currency/#comment-5135438 Thu, 17 Oct 2019 12:37:07 +0000 http://bernews.com/?p=922710#comment-5135438 Trade Fintech is not regulated, so if something goes wrong, you probably will never get your money back. Everyone from online lenders to bank technology companies has experienced elongated fund – raising cycles, missed targets, and mounting losses. Unfortunately, fintech companies (and online lenders in particular) often receive pressure from both existing and potential investors to demonstrate so-called “hockey stick” growth. This, in turn, leads to short-term thinking on behalf of the Fintech Company. When Fintech companies start using their investment dollars not for innovation, but for quick growth, problems can arise.

]]> By: CHRIS https://bernews.com/2019/10/govt-to-accept-us-dollar-backed-digital-currency/#comment-5135425 Thu, 17 Oct 2019 12:22:19 +0000 http://bernews.com/?p=922710#comment-5135425 the PLP don’t get it either.

]]> By: CHRIS https://bernews.com/2019/10/govt-to-accept-us-dollar-backed-digital-currency/#comment-5135423 Thu, 17 Oct 2019 12:21:18 +0000 http://bernews.com/?p=922710#comment-5135423 with all the marches from the PLP and the PLP poopooing the AC.. who would want to hire? wake up!

]]> By: Onion_peels https://bernews.com/2019/10/govt-to-accept-us-dollar-backed-digital-currency/#comment-5135421 Thu, 17 Oct 2019 12:18:05 +0000 http://bernews.com/?p=922710#comment-5135421 I’d just like the ability to pay my taxes online in Bermuda dollars.
Getting my tax statements by email would be a bonus.

I’m not holding my breath given they can’t even work out a bus schedule.

]]> By: Double S https://bernews.com/2019/10/govt-to-accept-us-dollar-backed-digital-currency/#comment-5135395 Thu, 17 Oct 2019 11:42:35 +0000 http://bernews.com/?p=922710#comment-5135395 Guessing numbers aren’t your thing huh?

Or let me guess, the radio told you that lie.

]]> By: Tax https://bernews.com/2019/10/govt-to-accept-us-dollar-backed-digital-currency/#comment-5135109 Thu, 17 Oct 2019 05:40:41 +0000 http://bernews.com/?p=922710#comment-5135109 Bettter than the ZERO jobs under the OBA!

]]> By: Rocky5 https://bernews.com/2019/10/govt-to-accept-us-dollar-backed-digital-currency/#comment-5134972 Thu, 17 Oct 2019 02:20:09 +0000 http://bernews.com/?p=922710#comment-5134972 This is just a way for the PLP Government to collect MORE Taxes because there will be Foreign Currency Purchase tax applied against the purchase & sale of the Cryptcoins. Is the Government going to start paying Gov’t employees, Pensions & Gov’t bills with Cryptocoins?

]]> By: Trump supporter https://bernews.com/2019/10/govt-to-accept-us-dollar-backed-digital-currency/#comment-5134792 Wed, 16 Oct 2019 21:51:36 +0000 http://bernews.com/?p=922710#comment-5134792 Ponzy

]]> By: Joe Bloggs https://bernews.com/2019/10/govt-to-accept-us-dollar-backed-digital-currency/#comment-5134698 Wed, 16 Oct 2019 20:01:31 +0000 http://bernews.com/?p=922710#comment-5134698 ” the Bermuda Government has “committed to accept, for payment of government taxes, fees and services, 1:1 US dollar backed digital currencies that get licensed by the Bermuda Monetary Authority.””

Ok, so which digital currency would that be? It is not Bitcoin (which is currently worth US$8,266.14 to 1 Bitcoin) or Litecoin (which is currently worth US$55.49 to 1 Litecoin).

]]> By: Onion https://bernews.com/2019/10/govt-to-accept-us-dollar-backed-digital-currency/#comment-5134686 Wed, 16 Oct 2019 19:51:14 +0000 http://bernews.com/?p=922710#comment-5134686 No, it won’t. Those use Dollars.

]]> By: DeOnion https://bernews.com/2019/10/govt-to-accept-us-dollar-backed-digital-currency/#comment-5134576 Wed, 16 Oct 2019 17:16:34 +0000 http://bernews.com/?p=922710#comment-5134576 If we buy these currencies will we be subject to foreign currency purchase tax?

]]> By: TJ https://bernews.com/2019/10/govt-to-accept-us-dollar-backed-digital-currency/#comment-5134575 Wed, 16 Oct 2019 17:15:16 +0000 http://bernews.com/?p=922710#comment-5134575 Finally. If you get what the Premier is laying down is… this will also open the doors for pay with your phone and other digital wallets like apple and google pay.

]]> By: Onion_peels https://bernews.com/2019/10/govt-to-accept-us-dollar-backed-digital-currency/#comment-5134541 Wed, 16 Oct 2019 16:22:06 +0000 http://bernews.com/?p=922710#comment-5134541 Hahahaha I can’t even pay half my government fees directly from Clarien Bank now. I have to use a credit card. Apparently it’s too much trouble for the government to setup direct payment options with Clarien. And they think they’re going to accept digital currencies.

I think we must have had somebody write the report using “acccept” in place of “except”. A common mistake in Bermuda.

]]> By: Retro https://bernews.com/2019/10/govt-to-accept-us-dollar-backed-digital-currency/#comment-5134533 Wed, 16 Oct 2019 16:12:43 +0000 http://bernews.com/?p=922710#comment-5134533 Maybe somebody can correct me here but if Government incentivizes locals and local companies to pay their taxes in a foreign currency then surely they are devaluing the BDA dollar. I don’t get this at all !

]]> By: question https://bernews.com/2019/10/govt-to-accept-us-dollar-backed-digital-currency/#comment-5134519 Wed, 16 Oct 2019 15:54:24 +0000 http://bernews.com/?p=922710#comment-5134519 Collecting taxes in Arbitrade coins.
This guy Burt is so easily suckered it’s unbelievable.

]]> By: toadinthehole https://bernews.com/2019/10/govt-to-accept-us-dollar-backed-digital-currency/#comment-5134507 Wed, 16 Oct 2019 15:31:47 +0000 http://bernews.com/?p=922710#comment-5134507 Mr Premier, while you play the long game, your people are struggling to get by now. Where is the short and medium game to help them? 31 jobs in 2 years does not sound great and if that is the rate of job creation, it will be a very long game indeed.

]]> By: burt onomics https://bernews.com/2019/10/govt-to-accept-us-dollar-backed-digital-currency/#comment-5134506 Wed, 16 Oct 2019 15:29:50 +0000 http://bernews.com/?p=922710#comment-5134506 so I can pay my taxes in bitcoin?

]]>