Education regarding fintech and blockchain startups is essential for facilitating the oft-mentioned “blockchain revolution.” To fuel this particular movement, David Burt, Premier and Minister of Finance of Bermuda, signed an MOU with Binance Group that will see the latter funding education programs related to the much-needed topic.
Much Needed MOU
The MOU was signed between Burt and Changpeng Zhou, Binance’s CEO. Burt feels that the country’s aims and objectives are similar to, and indeed complement, those of Binance. This similarity of thought is critical for bringing about reasonable regulations that facilitate the growth of blockchain and cryptocurrencies.
In a bid to increase employment in Bermuda, Burt is confident that Binance’s “global compliance base,” which is being set up in Bermuda, will guarantee at least 30 employment opportunities to Bermudians.
The MOU will also see an investment of around $10 million towards the training of Bermudians in the development of blockchain technology. The training will be offered at a university level and shall be funded through the Binance Foundation. Furthermore, another $5 million will be spent by the crypto firm to support the upcoming blockchain companies in Bermuda. This investment will take place via Binance Labs.
Bermuda Creating a Crypto-Friendly Economy
With the whole world worked up around the right regulation for crypto, Bermuda is in the process of creating a crypto-friendly legal framework. Zhao also feels that Bermuda has “one of the leading regulatory bodies” for virtual currency:
“We think the Bermuda Government and regulatory body are one of the most approachable, most reasonable and most forward-thinking bodies on the planet.”
To ensure that everything complies with the local law, Binance is closely working with the locals, for their new office. Further, the country is effectively trying to become the first country to govern ICOs comprehensively.
Binance also joined hands with Crypto Savannah, a blockchain organization based in Uganda. The primary aim of this partnership was to boost the economic and youth development of the nation and lure investments to the country.
Blockchain Education an Imminent Need
The introduction and rise of blockchain technology promises advancements in the supply chain and procurement sectors, along with IoT and Artificial Intelligence. The innovation underpinning cryptocurrencies like Bitcoin also allows for increased efficiency, and seamless product transfer, and streamlining the operations, processes, and security related to the supply chain sector.
Furthermore, as the need for data becomes more of a necessity than a luxury, deployment of blockchain technology makes trust more important than ever. In the absence of the latter, enormous data processes remain trapped – and in the control of – centralized organizations.
With this in mind, a vast, skilled workforce is needed, of which would bring these blockchain concepts to life. Thus, education on the subject and cryptocurrencies is a feature that should see much development in the months to come.