Blockchain-Based Bitt to Issuse a Cryptocurrency for a Caribbean Central Bank

3 min read

The first cryptocurrency exchange in the Caribbean and an important payments player on the online market, Bitt, has teamed up with the Central Bank of Curaçao and Sint Maarten (CBCS) to establish a bank’s virtual asset.

Bitt, a subsidiary of Overstock’s Medici Ventures, announced yesterday that it agreed to sign an MOU with the Central Bank of the Dutch Caribbean island Curaçao and Netherlands. The goal of the blockchain-based company is to create a cryptocurrency aimed to replace the existing Netherlands Antillean guilder.

According to media, the pilot will test the impact of a cryptocurrency issuance in the two nations. Contributors will begin by considering Know-Your-Customer and Anti-Money Laundering technologies.

CBCS President, Leila Matroos-Lasten, declared the financial institution signed the Memorandum of Understanding (MOU) with Bitt “due to this company’s regional experience in digital payments and its macroeconomic views.”

She added:

“The central bank is determined to address its challenges proactively by exploring the latest technology available, for example, to reduce the level of cash usage within the monetary union, and to facilitate more secure, more AML and KYC compliant and more efficient financial transactions within and between Curaçao and Sint Maarten.”

By signing an MOU, the bank recognizes the revolutionary change that blockchain technology can bring.

“The CBCS … 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,” Matroos-Lasten explained, adding that. “This would be beneficial to everyone.”

The announcement came just a few months after Bitt signed a partnership agreement with the Eastern Caribbean Central Bank, a financial institution that includes Anguilla, Antigua and Barbuda, the Commonwealth of Dominica, Grenada, Montserrat, Kitts and Nevis, St. Lucia and St. Vincent and the Grenadines.

With that collaboration, Bitt has pledged to integrate new payment solutions within the bank’s system, and if everything goes according to plans, the new success could lead to the creation of the bank’s native crypto asset.

Author: Adriana Midirgan

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