The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE Bahamas is still operating an "inefficient" 1973 model of government, the Deputy Prime Minister yesterday pledging: "We have to do something about that."

K P Turnquest, addressing a half-day Blockchain Technology seminar hosted by the Central Bank, said: "Blockchain is one of the things we are talking about in terms of the Parliament, how we do Cabinet papers and the rest of it.

"We are still operating on a 1973 model, quite frankly, with respect to how we do government business and that can't work. It is just too slow, it's inefficient, and we have to do something about that."

Mr Turnquest has previously said blockchain technology can "revolutionise the way we do business in the Bahamas", and propel this nation from where it is presently to become "true leaders in terms of technology and the way we do business".

He yesterday said the Bahamas must "make the leap" with respect to issues such as efficient government services, the ease of doing business and digital currency.

Referring to the latter, Central Bank Governor, John Rolle, said the regulator is seeking to introduce a digital version of the Bahamian dollar.

Mr Rolle told the seminar that while physical cash transactions still dominate the payment space, a shift towards electronic modes - with the increased use of credit and debit cards - is occurring.