Stellar Development Foundation and the Bermuda government announced that Bermuda will migrate key payment and financial service activities to the Stellar network as part of its plan to become the world’s first 'fully on-chain national economy.' This initiative builds on Bermuda’s 2018 Digital Asset Business Act regulatory framework and aims to reduce local merchants' payment processing costs, which currently range from 3% to 5% or even higher. According to the plan, Bermuda residents will soon be able to use digital wallets on the Stellar network to receive salaries, make payments to local merchants, pay government fees, and hold, send, and receive digital assets. Government agencies are expected to pilot stablecoin-based payments, financial institutions will gain access to tokenized tools, and related assets may also be used for government payment scenarios like social service disbursements. https://(wublock123.com)/news/bermuda-to-build-on-stellar-for-on-chain-economy-60958