The Central Bank of Curacao and Sint Maarten (CBCS) is the oldest central bank in the American continent, dating back to 1828. It may be known for its traditional approach to banking, but it has realised the importance of creating its own digital currency. The announcement of the decision is according to a press release on August 12th.
It will take the help of Barbados based crypto company, Bitt Inc to create it’s own digital currency with a Memorandum of Understanding (MoU) in place. Bitt Inc is part of Overstock.com’s Medici Ventures.
CBCS is the central bank for the Netherland based islands Curacao and Sin Marteen thus given the two islands
Rawdon Adams, the Chief Executive Offering of Bitt Inc spoke about the collaboration-
“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.”
The president of CBCS also spoke about the need of a financial transformation by saying-
“The CBCS herewith recognizes the transformative potential of innovation and technology and is committed to exploring solutions regarding efficiency of cross-jurisdictional transactions and digital payments whilst ensuring compliance and security assurances obtained by these state of the art (fintech) solutions,” said Matroos-Lasten. “This would be beneficial to everyone.”
The Carribean islands are seen to be basking in the cryptocurrency revolution. Two months ago Twitter user ‘CryptoDonna’ tweeted about the first property to be sold in the Caribbean islands for 41 Bitcoins.
It’s not only financial institutions such as banks opting for their own digital coins but also countries which are in dire need of a new currency. One such example is Venezuela’s country based digital currency called the Petro which is based on its oil reserves.