The Bermudan government is launching a pilot to test the effectiveness and viability of digital stimulus tokens. This initiative comes as officials are trying to address the financial distress that the COVID-19 pandemic brought onto businesses and individuals. For this project, the government collaborated with Stablehouse—a local payment and foreign exchange platform.
To be used on food and other essential items, the stimulus tokens are sent to the digital wallet of one's phone. This makes for seamless and efficient distribution. Individuals can spend this at participating vendors and have to scan a QR code at the point-of-purchase in order to do so.
When vendors want to redeem the stimulus tokens received, they can press a button to transfer them to a Stablehouse government account. Thereafter, a cash wire transfer is sent to the vendor.
Digital Stimulus Tokens
Bermuda is Testing Out New Approaches for Financial Aid
Trend Themes
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Industry Implications
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