CBCS signs MoU with Barbados Blockchain startup Bitt Inc.

The agreement of Bitt Inc. is aimed at facilitating financial payments within the monetary union of Curaçao and Sint Maarten.

15 August, AtoZ Markets– A FinTech startup from Barbados Bitt Inc. has inked a memorandum of Understanding (MoU) with the Central Bank of Curaçao and Sint Maarten (CBCS). The MoU is focused on the research of the opportunities to issue a digital guilder, as per the official press release.  

CBCS Signs MoU with Barbados Blockchain Startup 

The parties have signed the MoU with the joint purpose to develop a central bank digital currency in order to facilitate financial payments within the monetary union of Curaçao and Sint Maarten. Similar to like other nations that have called out for such a national cryptocurrency. According to the announcement, the central bank is planning to “reduce the level of cash usage within the monetary union.” It also looks into the possibilities to facilitate “more secure, more Anti-Money Laundering (AML) and Know Your Customer (KYC) compliant” transactions between the islands.

The CEO of Bitt Inc., Rawdon Adams, has commented on the development:

“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.”

He has further stated that the printing fiat money by a central bank is costly. In addition, the management of central bank operations between the two islands is somewhat challenging. 

CBCS Recognizes Blockchain Potential

Therefore, the CEO of the Barbados-based startup stated that digital currency can benefit the financial institution in many ways. One of these ways provided by the compatibility of digital currency with mobile wallets, which makes it easier for involved parties to make transactions and payments. 

The transactions are also performed in the safer way. According to the president of the CBCS, Leila Matroos-Lasten:

“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.”

Back in 2017, Bitt Inc. has appointed Rawdon Adams as its new CEO. Mr. Adam is the son of the prime minister of Barbados between 1976 and 1985. This move has been regarded as the part of the wider strategy of the firm to contribute to the stability of its plans in the region. 

During 2017, this Blockchain startup has also partnered with the central bank of Barbados for the improvements of pilot Blockchain projects. 

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