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By Dean JonesDean Jones is a chartered builder, project manager, licensed real estate professional and the founder of Jamaica Homes, ..., Jamaica HomesJamaica Homes is a premier real estate company offering a comprehensive platform for buying, selling, and renting proper...
If it was not already clear where the world is heading, Bermuda’s recent announcement that it plans to become the world’s first fully on-chain national economy should give even the most sceptical observer pause for thought. This is not a fringe experiment taking place in a far-off digital sandbox. It is a deliberate, state-level decision by a small island economy that understands something many larger countries are still grappling with: the plumbing of money matters just as much as the amount of money flowing through the system.
Bermuda’s move, announced on the margins of the World Economic Forum in Davos, sees the government working alongside Coinbase and Circle to embed digital assets—specifically dollar-pegged stablecoins like USDC—into everyday economic life. This is not about speculative trading or crypto hype. It is about payments, settlement, compliance, education, and access. In plain terms, it is about reducing friction.
From a JamaicanThe term "Jamaican" encompasses the citizens of Jamaica and their descendants in the Jamaican diaspora, representing a d... perspective, this matters more than many peopleThe people of Jamaica embody a spirit that is at once richly diverse and unbreakably unified, as captured by the nationa... might realise.
I write this neither as a cheerleader nor a critic of cryptocurrency. I have spent two decades in constructionConstruction is the dynamic process of designing and erecting buildings and infrastructure, crucial for shaping modern l... and real estateReal estate refers to property consisting of land and the structures on it, such as buildings and homes. It also include..., but also many years in IT and business transformation—working across multi-organisation mergers, government programmes, security-sensitive environments, and large-scale systems change. I understand both the promise of technologyTechnology, in its original definition, refers to the application of scientific knowledge for practical purposes, often ... and the damage that poorly implemented systems can cause. What Bermuda is doing deserves careful attention, not imitation by enthusiasm alone, but serious study grounded in Jamaica’s lived economic reality.
The quiet pain of Caribbean banking friction
Anyone who has tried to operate an internationally facing business from JamaicaJamaica, with its vibrant culture and stunning landscapes, has a unique position in the global real estate market. The i... knows the problem instinctively. The issue is not that Jamaica lacks banks, talent, or ambition. The issue is that our banking system, by necessity and by history, interfaces awkwardly with global platforms designed primarily for the UK, the US, and Europe.
Take a simple, very modern example: short-term rental incomeIncome refers to the money or value that individuals or businesses receive, typically from various sources such as salar... through AirbnbAirbnb is a website where people can rent out their homes or rooms to travelers who need a place to stay for a short tim.... In the UK or the US, Airbnb deducts its fee and transfers funds to a domestic bank account with negligible cost. Settlement is fast. Fees are minimal. Currency riskA risk is the possibility of an adverse outcome or loss arising from uncertainty or potential hazards. It represents the... is almost invisible.
Now place that same transaction in Jamaica. Suddenly, what should be routine becomes layered with friction. International transfer fees apply. Funds often arrive in US dollars, even when the end user needs Jamaican dollars to pay utilities, staff, taxes, and local suppliers. Converting those funds inside the banking system can be costly. Exchange rates vary, spreads widen, and timing becomes critical.
So people innovate around the system. They withdraw US dollars, walk to cambios, seek better rates, redeposit funds, and repeat the process as needed. None of this is illegal. None of it is elegant either. It is economic energy spent not on productivity, but on navigating friction.
This same issue appears in real estateIn Jamaican real estate, an estate refers to the total collection of assets and property owned by an individual, especia... transactions. Properties are frequently marketed and sold in US dollars or pounds sterling, particularly where overseas buyers are involved. Yet stamp dutyStamp Duty in Jamaica is a tax applied to legal documents and specific transactions, such as the sale or transfer of pro..., transfer taxTransfer Tax in Jamaica is a tax levied on the transfer of ownership of property, such as real estate or shares. It is a..., professional fees, and local costs are all payable in Jamaican dollars. Somewhere in the transaction lifecycle, an exchange rate must be agreed or locked in. If markets move sharply—and in today’s world, they often do—someone bears that risk.
These are not theoretical problems. They are daily operational realities.
Why Bermuda’s move makes sense
Against that backdrop, Bermuda’s decision becomes easier to understand. Classified alongside CaribbeanThe Caribbean is a vast region made up of over 700 islands, islets, reefs, and cays. Some of the most well-known islands... and other island jurisdictions, Bermuda faces many of the same challenges: high payment processing fees, limited access to onshore payment rails, and merchant margins squeezed by intermediaries who sit far from local economic life.
By leaning into stablecoins like USDC—digital dollars backed by reserves and designed to maintain parity with the US dollar—Bermuda is not rejecting fiat currency. It is re-engineering how fiat value moves.
Stablecoins settle quickly. They do not require correspondent banks in multiple jurisdictions. They are programmable, auditable, and—when regulated properly—capable of meeting modern compliance standards. For a small, entrepreneurial economy, that matters.
It also matters that Bermuda did not stumble into this overnight. Since 2018, the jurisdiction has had a comprehensive digital asset framework in place through its Digital Asset Business Act. Regulation came first. Partnerships followed. Education and onboarding are now part of the national conversation.
That sequencing is critical, and it is one of the most important lessons for Jamaica.
What Jamaica could gain—realistically
If Jamaica were to consider a similar pathA path, in the context of Jamaica and real estate globally, refers to a route or passage that provides access from one p... in the future, the benefits would not be abstract. They would be practical, incremental, and deeply relevant to real estate, banking, and investment"Investment" in the realm of real estate refers to the allocation of money or resources into property with the expectati....
Imagine a system where overseas buyers can pay deposits, professional fees, or even full purchase prices using regulated digital dollars that settle in minutes rather than days. Imagine Jamaican developers receiving funds without losing significant value to fees before a single block is laid. Imagine propertyProperty encompasses a wide range of tangible assets that individuals or entities can own, utilize, or invest in, includ... managers, Airbnb hosts, and service providers being able to receive dollar-denominated income without immediately suffering exchange friction or banking delays.
For banks, this is not necessarily a threat. Properly integrated, stablecoins can sit alongside traditional accounts, not replace them. Custody, compliance, lending, and risk managementRisk management involves identifying, assessing, and mitigating potential threats that could impact a project's success.... remain core banking functions. The difference is that settlement becomes faster, cheaper, and more transparent.
For government, the implications are significant. Tax collectionIn the context of Jamaica's real estate industry and the global market, "collection" typically refers to the process of ... becomes more traceable. Compliance can be embedded at the transaction level. Illicit flows are arguably easier to detect on well-designed blockchains than in opaque correspondent banking chains.
And for ordinary Jamaicans—particularly those with family abroad sending remittances—the potential reduction in fees is transformative. A few percentage points saved on every transfer adds up quickly over a year.
The danger: debt, dilution, and dependency
However, it would be irresponsible not to address the risk. The most serious concern is not technological; it is geopolitical.
Stablecoins like USDC are pegged to the US dollar. They are not central bank digital currenciesCurrencies in Jamaica and across the world serve as the backbone of economic transactions, facilitating trade, investmen.... They rely, ultimately, on confidence in the underlying reserve asset and the regulatoryIn Jamaica, regulatory measures are the formal rules and standards established by government authorities to oversee and ... environment that governs it. If, at some point in the future, the United States were to adopt a fully digital dollar and pursue aggressive monetary expansion to dilute its debtIn Jamaican real estate, debt refers to the financial obligation incurred by individuals or entities when they borrow mo... burden—a strategy not unheard of in global financial history—then any economy heavily dependent on dollar-pegged digital assetsAssets represent valuable resources held by individuals or businesses, crucial for generating income and ensuring financ... would feel the effects.
Would Jamaica be importing inflation? Possibly. Would purchasing power erode? Potentially. Does this risk already exist today with traditional dollar exposure? Absolutely.
The question, therefore, is not whether the risk exists, but whether it is managed consciously or absorbed passively.
A diversified approach matters. Jamaica should never anchor its entire monetary future to a single external asset, digital or otherwise. But refusing to engage because of risk is not risk management; it is stagnation.
Digital land registries and tokenised assets
For years, I have argued that Jamaica needs to modernise its landIn real estate, land is a foundational element that significantly impacts the value and potential of a property. It enco... and property systems. A digital land registry—secure, transparent, and interoperable—would reduce disputes, speed up transactions, and increase investor confidence.
An on-chain economy opens the door to even more ambitious ideas: tokenised property interests, fractional ownership structures for developmentIn Jamaica, the term "development" can refer to various contexts, each with its unique focus and implications. Real esta... finance, and escrowEscrow is a way to keep money safe during a big deal, like buying a house. Imagine you're buying a toy from someone, but... mechanisms that release funds automatically when legal milestones are met. None of this removes the need for lawyers, surveyors, or regulators. It changes how trust is enforced.
In real estate, trust is everything. Technology should support it, not undermine it.
Governance before glamour
The most important lesson from Bermuda is not USDC or Coinbase. It is governance.
Bermuda put regulation first. It invited serious partners. It tested systems in controlled environments. It educated stakeholdersStakeholders in real estate are individuals or groups with a vested interest in a development project, each contributing.... It did not pretend that technology alone solves structural issues.
If Jamaica is to move in this direction, it must do the same. We already have reports. We already have ideas. What we need now are the right people around the table, cross-disciplinary thinking, and investment in implementation rather than endless consultation.
This is not a political projectA project is a special task or set of tasks that people work on to create something new or make something better. It has.... It is an economic one.
Little but wi tallawah
Jamaica is small by global standards, but we are not insignificant. Our diasporaIn the context of Jamaica, real estate, and the broader global sphere, diaspora refers to the community of Jamaicans liv... is vast. Our cultural influence is outsized. Our entrepreneurial spirit is undeniable. The proverb “Likkle but wiWi in Jamaican Patois means "we" or "us" and is used to emphasize group effort, shared responsibility, or collective own... tallawah"Tallawah" is a term rooted in Jamaican culture, originating from the Swahili word "tallawa," meaning "strong" or "power...” is not a slogan—it is an economic truth.
Bermuda has shown what is possible when a small jurisdiction decides to designDesign is the art and science of creating plans and specifications for the construction of objects, structures, and syst... systems for the world as it is, not as it was. Jamaica does not need to copy Bermuda. But we would be foolish not to learn.
The time is not five years from now. The time is now—not to rush, not to gamble, but to prepare. To pilot. To regulate. To invest. To ensure that when the future arrives, Jamaica is not scrambling to catch up, but standing confidently in the roomIn Jamaican Patois, the term "room" is commonly used to describe individual spaces within a property, offering a practic..., shaping outcomes rather than reacting to them.
That is the real opportunity on the table.
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