Bermuda Plans to Shift Key Payment and Financial Services to Stellar

Bermuda's government said it will migrate parts of its payment and financial services operations to the Stellar network, a move it framed as a step toward building a "fully onchain national economy," according to Cointelegraph. Prime Minister David Burt said the decision follows a completed risk assessment, after which the government is ready to accept and invest in digital assets and bring selected services onchain to help reduce high transaction fees. Burt also reiterated that Bermuda has formed partnerships with Circle and Coinbase. Bermuda has been building a crypto-friendly regulatory environment since enacting the Digital Assets Business Act in 2018.