Bitt Inc, a start-up based in Barbados has executed a Memorandum of Understanding with Sint Maarten and Central Bank of Curacao in order to perform research about the viability of issuing a digital currency as per the valid source from the press release as on 12th August. Those amongst who signed the MOU to create a central bank digital currency to support financial payments in the monetary union of Curacao and Sint Maarten.
Needless to say that the blockchain technology has a variety of value-added functions in place wherein it streamlines payment process thereby assisting the financial institution. The banks would like to reduce the level of cash usage within its territory and monetary union by allowing the secured Anti-Money Laundering and KYC compliances sprawling with transactions in between the islands.
As per the comments were given by Rawdon Adams, CEO of Bitt Inc. as follows:
“The MOU clears the way for collaboration and information sharing regarding a feasibility study, designed to determine the viability and functionality of using a central bank-issued digital guilder within the financial ecosystems of each member, and across both members of the monetary union.”
Additionally, Leila Matroos Lasten who works as President of the DBCS said:
“The CBCS herewith recognizes the transformative potential of innovation and technology and is committed to exploring solutions regarding the efficiency of cross-jurisdictional transactions and digital payments whilst ensuring compliance and security assurances obtained by these state of the art (fintech) solutions. This would be beneficial to everyone.”
Let us not forget that Rawdon Adams, CEO of Bitt Inc. was appointed by Bitt Inc in 2017, who is the son of the prime minister of Barbados. The major aim was the hiring of Adams was the firm’s strategy that added value in the region. Besides this, the company has also partnered with the central bank of Barbados for the advanced level of the blockchain projects as its pilot project. Bitt Inc. is basically a fintech portfolio company owned by Medici Ventures which is a wholly owned subsidiary of Ovestock.com was initially established to create blockchain based solutions that resolve the real world problems.
One more region, Dutch Caribbean presented its views to introduce its own digital currency. However, Petra Hielkem, the divisional director of the Dutch Central Bank criticized the cryptocurrencies as the volatile one and that can not be considered as money. Further, she added that since the cryptocurrencies are not considered as real money and so the bank has not any such plans that ban the cryptocurrencies.
Moreover, a country of Southwest Asia, Iran just announced that it would issue its state-owned cryptocurrency bypassing the US sanctions even though erstwhile the central bank banned domestic banks and other financial institutions to deal with crypto or crypto related transactions condemning them unethical practices like money laundering.
No matter which country that issues its digital currency, eventually it must add value to the country itself and entirely to the whole world by following ethical practices in place!!