Bahamas economy in trouble after FTX collapse: Report
Bahamas economy in trouble after FTX collapse: Report

Bahamas economy in trouble after FTX collapse: Report

The locals in the Bahamas are in fear of contenting the vacant apartments and the possible job loss prospect after the fall of the FTX platform. The cryptocurrency exchange platform FTX which has its headquarters in the island country Bahamas is trying to recover from the shock of the fall of the FTX platform.

Bahamas economy in trouble after FTX collapse: Report
source : freemanlaw.com

As all the happenings related to FTX were executed in a flash of time and this billion-dollar company which was once considered the future of cryptocurrency has fallen like House of Cards. The citizens of the Bahamas were still trying to understand the situation which has impacted the possible job sector with these cryptocurrency companies headquartered in the Bahamas. The citizens are also seen as optimistic about the future of cryptocurrency in the country.

According to a recent report published by Wall Street Journal, The Bahamas, which is an Iceland country has been constantly increasing all the cryptocurrency companies to have the feel of home and a “copacetic regulatory touch” in the Bahamas but all these Expectations of the country lenient behavior to these cryptocurrency companies has been Shattered by the burst of FTX platform.

What is the economic status of the Bahamas?

Iceland country Bahamas has been hit hard by Hurricane Dorian just 2 years back in 2019 and the subsequent year economy of the country witnessed global shock issues by the pandemic. These two issues have heavily impacted the major factors of operations and income of the country which are tourism and Offshore banking.

The prime minister of the Bahamas, Philip Davis gave hope to all the citizens of Bahama that the introduction of cryptocurrency as a form of offshore banking investment option for all the foreign investors in the country will give a better future to the economy of the country. This was considered a critical role in the revival of hope in the citizens of the country and its economic recovery.

The Iceland country Bahamas which is a tiny 80 square meal Iceland might again face the trail of unemployment after the fall of the cryptocurrency platform FTX. This can be effectively evaluated from the fact that when the FTX employees were working in the Bahamas along with the locals they used to spend approximately $100,000 per week on catering services.

FTX company has also created employment with the help of private shuttle services which they were using the services to transfer their employees anywhere in Iceland. For all these job requirements FTX has fired a large number of local locals of the Bahamas for the services like Logistic Management, event planning, and regulatory compliance.