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Bahamas Allows its Citizens to Pay Tax in Crypto

Leading crypto news Twitter page Watcher Guru tweeted that the Bahamas will now allow its citizens to pay tax in cryptocurrency.

 

The sand dollar, the country’s official digital currency, will also be used to access digital assets by residents.

According to a white paper outlining the Bahamas’ digital asset plan through 2026, Bahamians will be able to pay taxes using digital assets.

As of 2020, the Bahamas Sand Dollar, a digital currency produced by the country’s central bank, will be made available to Bahamians.

Bahamas and Digital currency

The Bahamas was the first jurisdiction to completely implement a CBDC in October 2020. The Sand Dollar digital currency was designed to promote greater financial inclusion across the archipelago country of more than 700 islands, around 30 of which are inhabited.

FTX, a major cryptocurrency exchange, entered the nation by establishing a Bahamian subsidiary in September 2021.

Formation of Digital Asset Policy Committee

The Bahamas announced the formation of a digital asset policy committee and a digital advisory panel, or DAP, in an attempt to promote uniformity across government agencies.

The former will be headed by the prime minister, Philip Davis, at the time of publishing, with members including the Financial Secretary, the governor of the Central Bank of The Bahamas, the executive director of the country’s Securities Commission, as well as the DAP chair.

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