FTX’s Home Country Adopts Crypto To Solve GDP Woes

The Bahamas, homeland of Sam Bankman-Fried’s FTX crypto exchange, has turned its attention towards crypto to solve its GDP issues. Bahamas Prime Minister Philip Davis plans to recover damages due to climate change and improve technological innovation through crypto adoption.

Sam Bankman-Fried’s FTX to Benefit from Bahamas Crypto Foray

During the 2022 Concordia Americas Summit in Miami, Florida, the Bahamas PM Philip Davis said it’s time the world to pay for turning the island country into a significant carbon sink, despite having negligible carbon emissions. This climate change has impacted the country’s GDP and industrial growth.

Bahamas PM decides to adopt crypto to offset GDP losses due to climate change and grow its technological innovation. He believes the nation can be home to global leaders in the crypto space, like crypto exchange FTX.

“We recognized the space of crypto, it’s here to stay and that the 20 percent of GDP that I had lost because of the intervention of the industrialized world, that was the way to replace it.”

The Bahamas’ entry into crypto will prove to be very influential for FTX and other crypto companies in the country as these already have an extensive local user base. FTX has already collaborated with universities, businesses, and the government to improve crypto literacy and adoption in the country. In fact, the country’s favorable tax and regulatory frameworks have led many crypto firms to enter the Bahamas.

During the Crypto Bahamas 2022 conference in April, Prime Minister Philip Davis said FTX’s presence highlights the readiness of the Bahamas to become a crypto hub. The government has also launched a policy white paper “The Future of Digital Assets in The Bahamas” to enhance involvement in digital assets.

“We are now engaging the voluntary markets, and we’re going to tie that to the crypto space as well, so that we can continue to innovate to see how we can have revenue sources.”

Countries Continue To Adopt Crypto Amid Economic Downturn

The crypto industry is flourishing despite the recent crypto market crash and liquidity crisis. The adoption of digital assets like Bitcoin (BTC) continues to grow worldwide. Some nations have turned to crypto to solve their problems.

Several countries including the Central African Republic and Ukraine and have followed El Salvador to adopt bitcoin as legal tender while others seek to offset the economic losses.

Crypto adoption will keep growing as many developed nations currently seek to regulate crypto.