Even after the collapse of the Bahamas-based cryptocurrency exchange FTX, Bahamians are reportedly optimistic about the future while still looking for ways to make sense of it all.
According to a Wall Street Journal report, the island nation is recommended Crypto companies are at home with a “touch of republican regulation,” but are shaken by the implosion of FTX.
The Bahamas was hit hard by Hurricane Dorian in 2019 and the 2020 pandemic shortly after, struggling to find ways to bolster an economy that already relies heavily on tourism and offshore banking for much of its gross domestic product. was Bahamian Prime Minister Philip Davis and his government believed that cryptocurrencies could play an important role in the island’s economic recovery.
The community now suggests that FTX’s sudden implosion left a trail of unemployment on the tiny 80-square-mile island. At full capacity, FTX provided local residents with jobs, reportedly spent “more than $100,000 a week on catering,” and even set up a private shuttle service to transport workers around the island. According to the WSJ, FTX has also hired many local Bahamians in areas such as logistics, event planning and regulatory compliance.
The collapse of FTX reportedly forced many high-spending expats who worked for the company and once boosted the local economy to flee the island, with Bahamian security guards now guarding “a mostly empty building.” .
In the aftermath of the FTX collapse, some members of the cryptocurrency community have said they feel no sympathy for the collapse’s impact on the small island nation.
Hacker News user Matkoniecz commented“Given that the Bahamas help wealthy people and businesses evade taxes, my sympathy for the negative impact of that is limited.”
On the other hand, Exendroinient00 share“There is nothing wrong with luring all scammers into scams on your island.
On Oct. 18, Cointelegraph reported that the Bahamian securities regulator Ordered the transfer of FTX’s digital assets In a “custodial” purse owned by the Commission.
According to a statement from the Royal Bahamian Police Sent An investigation into possible criminal misconduct surrounding FTX’s insolvency is ongoing by financial investigators and the Bahamas’ securities regulator, it told Reuters on November 13.