According to Stellar Development Foundation, on May 12, the Government of Bermuda partnered with the Stellar Development Foundation to transition major payment and financial services onto the Stellar blockchain network. The initiative aims to create the world’s first fully on-chain national economy. Local residents currently face transaction fees ranging from 3% to 10%, creating financial inefficiencies. Under the framework, citizens would eventually receive salaries, pay taxes, conduct retail purchases, and transfer digital assets using Stellar-based digital wallets, potentially reducing costs and improving payment speed.
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