The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

AN ACCOUNTANT has called for further exchange control “relaxation” so that more Bahamians can participate freely in digital assets and crypto currency trading.

Kendrick Christie, president of the Association of Certified Fraud Examiners (ACFE) Bahamas chapter, told a Rotary West Nassau luncheon that despite The Bahamas leading the world in creating a Central Bank-backed digital currency, the Sand Dollar, “we have limited usage of Sand Dollar. We have the world’s third largest cryptocurrency exchange here, and there are Bahamians trading, but it’s very limited”.

With Bahamians needing permission from the Central Bank to buy and sell crypto currencies, and other digital assets, Mr Christie said: “There needs to be some relaxation. I’m not convinced that given our surplus at the Central Bank at any given moment, and the economy seems to be manoeuvring around..... I mean, there is an argument that we are still we are in a recession or close to recession, but there are some clamps on the economy.

“I think at some point these investors are going to see through us. They are going to wonder how they can benefit from having accounts created by Bahamians, and by this wealth that Bahamians have been accumulating here, to offer them returns. We have to have some relaxation to some extent.”

Noting that cryptocurrencies may have to come under stricter regulation to combat financial crimes, and prevent them from being used to commit “nefarious deeds”, Mr Christie added: “There has to be there has to be some relaxation on some of the economic policies around cryptocurrency.

“I understand the current Prime Minister is being briefed on it, and he seems to be real well up to speed with what it is and what it can do, and FTX is helping him. When he looks at the economic stimulus by them, perhaps we’ll see some changes.”