The Bermuda government is working on a plan to roll out a digital stimulus token to help residents and vendors, The Royal Gazette reported.
Working in conjunction with stablecoin payment and foreign exchange platform Stablehouse, the idea was started last year but expedited due to its newfound importance after the pandemic hit.
The goal is to help get payments out to those who need financial aid due to the pandemic’s economic effects. The tokens can be sent to a digital wallet on a recipient’s phone and used to pay for goods and services with vendors participating in the project by scanning a QR code.
In other news, the rollout of China’s Central Bank Digital Currency (CDBC) might not only include digital wallets — it could also come with hardware wallets, too, CoinDesk reported.
A hardware wallet is a physical medium working in a similar manner to an actual wallet with physical money in it. That means users could be able to keep larger sums of digital yuan offline, without using a third-party app. Users could then make smaller transactions online with the bank’s mobile app, CoinDesk reported.
The feature was revealed when the China Construction Bank (CCB), one of the four big banks working on a digital currency, made the new digital wallet application available over the weekend. CCB then swiftly disabled it due to the high volume of activity it wasn’t yet ready for.
CEO Brian Armstrong said the product, which will be called “Coinbase Launch or something like that,” will take clients’ token launches from custody to smart contract creation, on through governance and finally distribution, in a way to “hand hold people” through the entire process, CoinDesk reported.
Armstrong said the idea could be a boost for many more new startups than there are currently by adding an Initial Exchange Offering (IEO) platform that could attract prospective token crowdfunders, according to the report.