Premier David Burt will hold three news conferences this week, one a day, through to Wednesday, on a number of important issues, starting later this afternoon, with an announcement relating to the island’s seniors.
That conference will be held at 2:30pm this afternoon at the Cabinet Building. Another news conference will be held at 3pm tomorrow, when the new Chairman of Bermuda’s Gaming Commission will be announced.
Gaming Commission Chairman Alan Dunch tendered his resignation last week, which was accepted by Tourism Minister Jamahl Simmons, who thanked the outgoing Chairman for his service. The Minister also said the Chairman’s successor will be announced early this week.
His resignation was tendered hard on the heels of the Minister tabled new legislation empowering him to sack members of the commission, including the chairman, whose resignation takes effect on December 6th.
In his resignation letter, Mr Dunch urged the Minister to withdraw the amendment because it could “impede Bermuda’s ability to attract first-class people of the utmost integrity to both operate and regulate the gaming industry here”.
His letter stated: “It is my sincere hope that in making this decision to resign, you and the Government might now consider it unnecessary to move forward with the proposed amendments, and, in the best interests of Bermuda, choose instead to withdraw the Amendment Act which… is ill-advised and could do irreversible harm to the reputation of the country.”
And at 11am on Wednesday, the Premier will make an announcement on Crypto Currencies, which is a digital asset designed to “work as a medium of exchange using cryptography to secure the transactions, to control the creation of additional units, and to verify the transfer of assets”.
According to Wikipedia: As of September 2017, there were over a thousand cryptocurrency specifications. “Within cryptocurrency systems the safety, integrity and balance of ledgers is maintained by a community of mutually distrustful parties referred to as miners: members of the general public using their computers to help validate and time stamp transactions adding them to the ledger in accordance with a particular time stamping scheme.”
“Miners have a financial incentive to maintain the security of a cryptocurrency ledger.” Most of them “are designed to gradually decrease production of currency, placing an ultimate cap on the total amount of currency that will ever be in circulation, mimicking precious metals”.
It was also noted that “compared with ordinarily currencies held by financial institutions or kept as cash on hand, cryptocurrencies can be more difficult for seizure by law enforcement”, which is “derived from leveraging cryptographic technologies”.