Bermuda Premier David Burt Talks On-Chain Economy Initiative

Summary

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Podcast Summary: Bloomberg Talks — Bermuda Premier David Burt Talks On-Chain Economy Initiative

Date: July 21, 2026
Host: Bloomberg
Guest: Honorable David Burt, Premier and Minister of Finance of Bermuda

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Episode Overview

This episode features an insightful conversation with Bermuda’s Premier and Minister of Finance, the Honorable David Burt, exploring Bermuda’s ambitious "On-Chain Economy Initiative." The discussion focuses on Bermuda’s role as a global pioneer in integrating blockchain and digital assets into mainstream financial services and government processes. Premier Burt shares the country’s regulatory journey, details about stablecoin and digital dollar initiatives, and responds to skepticism about the island's global relevance and strategy.

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Key Discussion Points & Insights

1. Origins of Blockchain Adoption in Bermuda

• Premier Burt recounts Bermuda’s early embrace of blockchain, not viewing it as a threat but as an opportunity to foster innovation within the island’s robust insurance industry.
• “Back in 2017...the conversation [was] all about blockchain. And blockchain would be something that could put our main industries at risk. So what we said is that we wanted to make sure that our regulated financial services companies could innovate here… That’s where all of this came from."
  — Premier David Burt (01:23)

2. Progress Since the Davos Announcement

• Bermuda announced its "world’s first on-chain economy" initiative at Davos, followed by pilot projects such as USDC airdrops to citizens, enabling DMV government fee payments using digital assets, and building a Bermuda Digital Dollar on Stellar.
• Premier Burt highlights regulatory changes:
  • The 2018 Digital Asset Business Act allows licensing of major digital finance firms (Coinbase, Kraken, Circle).
  • Cabinet-approved reforms allow the government to accept, manage, and invest in stablecoins.
• Strategic partnerships with global players (Stellar, Coinbase, Circle) support broad access for citizens and businesses.
• “We’re actually making sure the government is accepting [stablecoins] and making sure we distribute them.”
  — Premier David Burt (02:15)

3. Scale, Innovation, and Relevance

• Agility as an Advantage: Bermuda’s small size enables rapid experimentation and innovation, but the Premier asserts their work is globally significant.
• International Collaboration: Bermuda maintains strong regulatory relationships with the US SEC, Treasury, and provides congressional testimony.
• “We are known as the home of regulated international financial services companies that want to… push the envelope of innovation. And our regulatory regime is second to none globally.”
  — Premier David Burt (03:43)
• Bermuda’s expertise is sought by the US as it develops its own digital asset regulations: "We are one of the people who have the most experience...as we've been doing it successfully for eight years."
  — Premier David Burt (04:13)

4. USDC, Sovereignty, and Currency Strategy

• Bermuda utilizes USDC for its pilot programs, due to close ties with Circle and practical considerations.
• Premier Burt addresses concerns about sovereignty:
  • The Bermuda Dollar is a “stablecoin” pegged 1:1 to the US Dollar, and the digital version mirrors existing fiat practice.
  • Bermuda is working to launch a “Bermuda Digital Dollar,” which will be privately issued—Bermuda does not seek a central bank digital currency.
• “I like to call [the Bermuda Dollar] the original stablecoin... Maybe it in a banknote form versus digital form, but that's the same thing in which we are creating already.”
  — Premier David Burt (05:09)
• The local digital dollar will coexist with the US Dollar, maintaining the current dual-currency situation.

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Notable Quotes & Memorable Moments

• On Why Bermuda Chose Blockchain Innovation:
  “We wanted to make sure that our regulated financial services companies could innovate here locally under a regulated regime, have that clarity, and be able to then go ahead and develop it.”
  — Premier David Burt (01:23)

• On the Role and Perception of Bermuda:
  “We always know that people will say these things about Bermuda, but the reality is that companies that are operating in our space know what they get. They get clarity and they have the ability to serve customers all around the world.”
  — Premier David Burt (04:03)

• On Currency and Digital Transformation:
  “The Bermuda Dollar itself, I like to call the original stablecoin. As for Peg one to one. So maybe it in a banknote form versus digital form, but that’s the same thing in which we are creating already.”
  — Premier David Burt (05:09)

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Timestamps for Key Segments

• Blockchain’s Origin in Bermuda’s Financial Sector — 01:23–02:00
• On-Chain Economy Initiative Pilots and Regulatory Updates — 02:00–03:20
• Agility of Bermuda and Global Relevance — 03:20–04:45
• USDC vs. Bermuda Digital Dollar: Currency Sovereignty — 04:45–06:09

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Closing Thoughts

Premier David Burt’s discussion paints Bermuda as a nimble, innovative leader in digital assets and blockchain integration, leveraging its small size for rapid experimentation and regulatory clarity. Rather than ceding sovereignty, Bermuda’s approach to stablecoins and its forthcoming digital dollar reflects an evolution of its long-held currency regime. The island’s proactive collaboration with global partners and regulators ensures it continues to influence the trajectory of digital financial services worldwide.

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Transcript

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[Interviewer]

If the US does get its regulation for crypto settled, what does that mean for other nations that have been pioneers in this space? Does it erode their advantage in any way? One such territory is Bermuda. This past year at Davos, Bermuda announced plans to become the world's first on chain economy. What does that mean? How does that work? We're pleased to welcome the Premier and Minister of Finance of Bermuda, the Honorable David Ebert. Thank you so much for joining us, Premier, and it's so good to speak with you. We really appreciate your making the time. You know, when people think about Bermuda and its industry, reinsurance insurance always comes up first. It's the biggest industry in Bermuda. The island serves as the base for many of the world's top insurers. Just set. Take a step back for a moment here and talk about why you began exploring blockchain as a positive for Bermuda's leadership in this industry rather than a threat. Because I think that has a lot to do with the origin story of crypto and blockchain in Bermuda.

[Honorable David Ebert]

Well, absolutely, and it's great to be here to talk to you and your audience. Bermuda is known as the world's risk capital. We have amazing insurance companies that are here. But back in 2017. Right. How today the conversation is all about AI. Back then it was all about blockchain. And blockchain would be something that could put our main industries at risk. So what we said is that we wanted to make sure that our regulated financial services companies could innovate here locally under a regulated regime, have that clarity, and be able to then go ahead and develop it. So that's where all of this came from, making sure that we can have innovation in financial services based on our insurance market.

[Interviewer]

Well, as we mentioned, you made this announcement at Davos earlier this year. Since then, you've airdropped USDC to residents. You've piloted government fee payments through the dmv. You've built a Bermuda digital dollar on stellar. Give us an update on how, on how it's going so far.

[Honorable David Ebert]

Well, I think what it is, it's a journey. And I should take you back because in 2018 is when we passed our Digital Asset Business Act. That Digital Asset Business act allows us to license digital finance companies that we see and some of the major names globally, whether it's Coinbase or Kraken or Circle, etc. All have review operations of where they're doing a number of things. At the Davos announcement, this was more around how do we go from having the companies that are regulated to actually making sure that blockchain payments and these things are integrated fully inside our economy. That's what we came with, the on chain economy initiative. Having partners such as sellers, such as Coinbase, such as Circle and others that are working alongside with us to make sure that as we build out across citizens have access to these tools, businesses have access to these tools, and we're actually making sure the government is accepting them and making sure we distribute them. So we've made Cabinet has approved changes to our acts where the government of Bermuda, we were able to accept stablecoin payments, manage stablecoin payments and invest in certain digital assets. And we're looking forward to making sure that we keep our leadership in the global digital asset regulation space.

[Interviewer]

One thing that strikes me is that Bermuda is able to be so nimble and so innovative, in part because of its small population. You have 60,000 people and your size allows you to move and experiment quickly. You compare that with the US which is a giant, a battleship. A skeptic might say that this is a fascinating sandbox, but perhaps irrelevant at scale. How would you respond to that?

[Honorable David Ebert]

Oh, I would say that Bermuda is certainly not irrelevant at scale. If you just look for where you started on our insurance industry, we are known as the home of regulated international financial services companies that want to make sure to push the envelope of innovation. And our regulatory regime is second to none globally. And so we always know that people will say these things about Bermuda, but the reality is that companies that are operating in our space know what they get. They get clarity and they have the ability to serve customers all around the world. So yes, we are a good sandbox and we want to make sure we work with the United States. We have given testimony in Congress on numerous occasions. We have direct links with the, with the sec, with treasury and others, and where we're sharing our information knowledge on regulating this. The government of the United States has certainly reached out to us because as the President has given his, I guess, push to make sure that the United States is able to have regulation around the digital asset industry, we are one of the people who have the most experience of doing it as we've been doing it successfully for eight years.

[Interviewer]

Mr. Premier, you chose USDC. It's the USD stablecoin issued by an American company as the backbone of the national payment system. Bermuda uses the Bermuda Dollar. It's pegged one to one to the US Dollar. If USDC becomes the dominant medium of exchange in Bermuda, have you effectively outsourced your monetary infrastructure to Circle and also the US Regulatory system?

[Honorable David Ebert]

Well, that's a great question. And so there's a few things to say about that. Number one, USCC is easiest for us. We have a long relationship with Circle and we're continuing to do that. But one of the things we want to do is to actually have a digital version of Bermuda Dollar. But here's the reality. The reality is that the Bermuda Dollar itself, I like to call the original stablecoin. As for Peg one to one. So maybe it in a banknote form versus digital form, but that's the same thing in which we are creating already. And so we're basically mirroring what exists currently right now in digital form. But I think it's important also to note that we are working with partners to launch the Bermuda Digital Dollar. And the digital dollar, of course, will go alongside the other digital assets inside of our ecosystem. And we want to make sure that we build that out. That's going to be privately issued as we do not want a central bank digital currency. But what we do want is as our ours are local dollars are currently issued privately as well by bank to ensure that we are able to, I guess I would say, have the Bermuda dollar working alongside the US Dollar as it does right now inside of our economy.

[Interviewer]

A big thank you, Premier, Minister of Finance for Bermuda, the Honorable David Byrd. Mr. Premier, please do come back again soon. We appreciate you taking the time this afternoon.

[Honorable David Ebert]

Absolutely. Take care.

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