Bermuda Signs $10 million MOU with Blockchain Project Shyft
The Bermuda Government has signed a MoU (Memorandum of understanding) with Shyft network. Shyft network will be providing blockchain-ID solutions for Know your customers (KYC) and agreeable data transfers for anti-money laundering (AML).
As indicated by the MOU, Shyft network will spend up to 10 million USD on blockchain technology instruction and economic advancement. Chief and Minister of Finance of Bermuda, David Burt signed the MOU, remarking that collaborating with Shyft will advance elevated standards of regulations and technology. Burts said with this step Bermuda will be able to increase economic growth, jobs in the market and will attract interest from around the world. As per Burt:
“The Government of Bermuda has decided to lead the way and build interoperability into the government legislation, in essence, approach regulatory frameworks with exportability in mind… We’re leading the world in digital assets regulation, there’s no other country that provides comparable certainty and [a] progressive regulatory environment.”
The terms of the MOU express that the Toronto-based blockchain network will work together with the Bermuda Government in developing and “a robust legal and regulatory framework.” Shyft along with the country’s Department of Workforce Development will also be training Bermudians in Blockchain technology.
While MOUs are valuable instruments for indicating interest and building two-sided relationships between governments and businesses, they are not legitimately official. One preferred advantage of MOUs for few governments is that, since they don’t convey lawfully enforceable conditions, they might be issued and received without administrative approval.
The Premier of Bermuda signed an MOU with Binance in April to receive funding for educational programs identified with new FinTech and blockchain startups. Binance is the second largest cryptocurrency exchange by market capitalization in the world.
As per the MOU, Binance will be providing up to 10 million USD for training Bermudians in blockchain technology at a university level, and in addition, will contribute up to 5 million USD to help new blockchain-based firms in the nation.