Caribbean Central Bank To Launch Cryptocurrency

August 15, 2018

The Centrale Bank van Curaçao en Sint Maarten (CBCS) in partnership with blockchain organization Bitt owned by the US-based firm Overstock plans to study cryptocurrency industry and created digital currency.

The CBCS are intended to flog securities of Medici Ventures, affiliated company to Overstock which promotes the distributed ledger technology.

Leila Matroos-Lasten, the president of the CBCS, noted:

“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.”

Remember that earlier the blockchain organization Bitt reported on similar partnership with the Eastern Caribbean Central Bank (ЕССВ), that also exercises control over monetary alliance members.

Rwadon Adams, Bitt’s deputy head, told, the Central Bank that will issue its own digital currency is going to get specific status for the currency alliance with its member-countries separated by long distances:

“This makes the Central Bank's task of printing and distributing physical cash securely across member states that much more challenging and costly. A central bank issued digital currency, which can be used on mobile wallets, facilitates secure and frictionless financial transactions and payments, using a mobile phone/tablet, within each jurisdiction and across jurisdictions in the monetary union.”

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