Bermuda one of the small economy out there. They rely a lot on the shipping economy and the travel and tourism. And they seem to face a lot of climate changes too. The place is modernizing and they don't want to be that cash economy and not want to cater to international leads. So they are moving to the blockchain world. 

Moving entire economy to the chain is not bad. It can be done. Making layer 2 or 3 and then moving everyday end of the day transaction for the ledger keeping can be done. I suppose even the El Salvador has done the same. 

In this quest to make the onchain economy has been in the process using the Coinbase and the Circle stablecoin. So the coinbase would use the superchain stack of optimism chain which could help do the chain transactions. And the stablecoin from the Circle like they have done for the EUR and USD would be another growth. 

I think going full onchain with your own chain would be much better choice. Instead of choosing the mainstream layer 1 chains because local govt and private and public frontend chains would be something a future can be there as well. 

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