Buying rum with cryptocurrency is now possible in Bermuda
If we tell you that with your phone you can easily buy a bottle of rum? That’s what Gosling’s Rum does with Il currency.
In Bermuda they have tested the use of a digital dollar to move to blockchain. The blockchain is an incorruptible digital ledger of economic transactions. A blockchain’s programming can record not only financial transactions but virtually anything of value.
Set up by the Canadian financial technology company Bidali, in collaboration with the Bermuda government, aims to accredit this type of technology. In addition, to allow people to start experimenting with it.
For now, the Stellar blockchain digital currency is available for payments at Gosling’s Limited store only. This is the most recognized rum brand in Bermuda. At the same time, the store is taking the opportunity to celebrate the opening of its retail alcohol store. (Source: Bernews)
Amrbose Gosling, CFO of Gosling’s Limited expressed his enthusiasm for the project and for collaborating with Bidali. “It is an honor to have the opportunity to work with Bidali and the FinTech office on this project. In doing so, we are contributing to the growth and development of this payment solution, which for us, has the potential to generate significant efficiency gains and cost savings.”
The first phase of the project involves Penrose Partners, an emerging technology advisory partnership in Canada and Bermuda. It has organized workshops to train groups of people on cryptocurrency payment technologies.
A first for the Stellar network
Despite the small-scale project, this is the first time the Stellar network participates in real-world transactions with the support of a national government.
“It’s still early days, but because we have a population of 60,000 people, we’re an ideal place to showcase what’s possible as this technology evolves,” said Denis Pitcher, chief financial technology advisor to Bermuda Premier E. David Burt, to a media outlet.
Don’t drink and drive. Enjoy responsibly.
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