{"id":10248,"date":"2022-04-21T19:18:04","date_gmt":"2022-04-21T19:18:04","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/the-bahamian-government-hopes-to-allow-residents-to-pay-taxes-with-digital-assets-in-2022\/"},"modified":"2022-04-21T19:18:06","modified_gmt":"2022-04-21T19:18:06","slug":"the-bahamian-government-hopes-to-allow-residents-to-pay-taxes-with-digital-assets-in-2022","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/the-bahamian-government-hopes-to-allow-residents-to-pay-taxes-with-digital-assets-in-2022\/","title":{"rendered":"The Bahamian government hopes to allow residents to pay taxes with digital assets in 2022"},"content":{"rendered":"

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Residents of the archipelago nation, the Bahamas, may soon be able to use digital assets including the world\u2019s first central bank digital currency, or CBDC, to pay for taxes.<\/p>\n

In a white paper\u00a0on the future of digital assets released on Wednesday, the Bahamas\u2019 Office of the Prime Minister said the government will begin to \u201cenable payment of taxes using digital assets\u201d by working with the country\u2019s central bank as well as the private sector. In addition, the government plans to work on giving citizens access to crypto with the Bahamian dollar and encourage greater use of the country\u2019s CBDC, the Sand Dollar.<\/p>\n

\u201cThe Government will endeavour to ensure that digital assets are not used for the evasion of taxes or sanctions, and will seek to ensure compliance with all applicable Tax information exchange agreements (TIEA) and domestic laws and agreed OECD standards,\u201d said the white paper.<\/p>\n

In an effort to establish consistency across the branches of government, the Bahamas said it will form a digital asset policy committee as well as a digital advisory panel, or DAP. The former will be chaired by the prime minister \u2014 Philip Davis, at the time of publication \u2014 with the Financial Secretary, the Central Bank of The Bahamas governor, the executive director of the country\u2019s Securities Commission, and the DAP chair serving as members. The advisory panel will consist of experts from the digital asset space \u201cto keep digital assets and related digital developments, emerging trends, and associated risks constantly under review.\u201d<\/p>\n

\u201cWe have a vision to transform The Bahamas into the leading digital assets hub in the Caribbean and a global leader in the progressive regulation of businesses in this profoundly innovative space,\u201d said Davis, according to Eyewitness News Bahamas. \u201cWhile we recognize the extraordinary opportunities afforded by digital assets, we also recognize the risks, and thus we emphasize the importance of effective regulation.\u201d<\/p>\n

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FOLLOWING- Prime Minister Philip Davis today tabled a White Paper in Parliament outlining \u201ca vision and a framework to guide digital asset policy in The Bahamas\u201d (1\/2). pic.twitter.com\/Elun7BjkWT<\/a><\/p>\n

\u2014 Eyewitness News Bahamas (@ewnewsbahamas) April 20, 2022<\/a><\/p><\/blockquote>\n

Related: <\/em><\/strong>Bahamas central bank prepares national Sand Dollar push for summer<\/em><\/strong><\/p>\n

In October 2020, the Bahamas became the first jurisdiction to fully roll out a CBDC.\u00a0\u00a0The digital currency, the Sand Dollar, was aimed at driving greater financial inclusion within the archipelago nation of more than 700 islands, roughly 30 of which are inhabited. Major crypto exchange FTX has expanded to the country by registering a Bahamian subsidiary in September 2021. <\/p>\n