The post Stellar Network Powers Bermuda’s Onchain Economy Push appeared first on Coinpedia Fintech News
Stellar just landed the kind of adoption headline crypto has been chasing for years which is an actual government planning to move core financial activity onchain instead of merely tweeting about “innovation” panels and pilot programs nobody uses.
The Stellar Development Foundation and the Government of Bermuda announced that the island nation will begin shifting key payment and financial services infrastructure onto the Stellar network. Bermuda’s broader goal? Becoming the world’s first fully onchain national economy after first revealing the plan at the World Economic Forum earlier this year.
Bermuda Targets Legacy Payment Fee Problem
For local merchants, this isn’t some abstract blockchain experiment. Businesses in Bermuda currently face payment processing costs ranging between 3% and 5%, with some categories reportedly reaching nearly 10%. The government
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