Bermuda announces plans to build the world's first fully blockchain-based national economic system.

PANews reported on January 20th that, according to Circle's official website, the Bermuda government announced at the World Economic Forum in Davos its plan to build the world's first fully on-chain national economic system, with the support of Circle and Coinbase. This plan will promote digital payments, asset tokenization, and financial education through the stablecoin USDC, alleviating the problems of high local payment costs and limited infrastructure. Circle and Coinbase will provide blockchain infrastructure and tools for the government, banks, and merchants. This initiative is based on Bermuda's digital asset regulatory framework introduced in 2018.