(Jewel Bank) The Bermuda Monetary Authority has licensed the Jewel Bank to operate as a fully-fledged digital asset service provider.
Upon issuance of the license, Jewel Bank will serve digital asset firms in non-sanctioned countries, including the US, globally.
The license allows the digital asset lender to offer its services in Bermuda while accelerating the country’s digital switch.
Jewel will use its real-time settlement network dubbed Jewel Settle to allow select clients to perform digital transactions in USD.
The digital bank has plans to issue a USD stablecoin. There are plans to expand the stablecoins to other single fiat currencies.
The latest move happened after Bermuda Premier David Burt said that his country is seeking to promote projects that enhance the testing of stablecoins in the country. Burt said that the country aims to launch a community-owned national digital bank.
BTCUSD is 6.23%.
