Bill To Create Bermuda National Digital Bank

November 9, 2020 | 5 Comments

The Legislature will be considering Bills to “create the Bermuda National Digital Bank, to reform banking laws and regulations, and to establish a Bermuda base interest rate.”

This was one of the initiatives included in the 2020 Throne Speech, which said, “During this Session, the Legislature will be invited to consider Bills to create the Bermuda National Digital Bank, to reform banking laws and regulations, and to establish a Bermuda base interest rate.

“Shares in the Bermuda National Digital Bank will be available for Bermudian ownership, providing an opportunity for a new generation of investors to create lasting wealth by supporting the next wave of financial services, connecting Bermudians to the global world of digital payments.

“The reform of banking laws will increase competition in this sector, introducing new classes of banks to Bermuda to boost the economy, and harmonising the Bermuda base rate charged by local banks while working with these banks to reduce the interest rates charged on mortgages.”

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Comments (5)

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  1. Joe Bloggs says:

    I just hope that Government does not retain any ownership in this supposed new bank.

  2. Ringmaster says:

    Surely this has to be worthy of the BPS to warn Bermudians of a scam?

  3. Bob says:

    This will never go forward. Just another illusion from burt to pretend that bermuda is doing well even during a pandemic but in fact bermuda has its worst times ever ahead.

  4. Poor Bermuda says:

    Still trying to figure out how more than 50% of this island seems to not understand how bad this government is…o well at least another 4 years of this *sigh* get ready for the worse and then maybe just maybe ppl will take their blinders off

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