Two Caribbean islands are considering launching their own cryptocurrency

More and more governments and central banks around the world are beginning to consider the possibility of launching their own cryptocurrency. Venezuela, Russia and Iran have already evaluated and even carried out this idea, in order to avoid economic sanctions. Now, two Caribbean islands also caress the idea of ​​having their own digital currency, although their reasons are somewhat different.

The Central Bank of Curacao and San Martin (CBCS), announced that it will explore the possibility of issuing a digital version of the Netherlands Antillean guilder, to facilitate payments within the monetary union that these two islands have. To this end, the CBSC signed a Memorandum of Understanding (MOU) with Bitt Inc, a cryptographic company based in Barbados.

The CEO of Bitt Inc, Rawdon Adams, said that "the memo opens the way for the collaboration and exchange of information on a feasibility study, designed to determine the feasibility and functionality of using a digital florin issued by the Central Bank within the financial ecosystems of each member and both members of the monetary union, "according to Bitcoin News.

Bitt Inc, is a startup that is responsible for providing secure transactions between pairs with cryptocurrencies, using distributed accounting technology, better known as DLT.

On the other hand, the president of the CBSC, Leila Matroos-Larsen, affirmed that the financial institution was carrying out these inquiries about the convenience of launching its own digital currency, since it wants to achieve the reduction of the use of cash within the union. monetary

To achieve this, the Central Bank will explore the most up-to-date technology possible, guaranteeing efficient and secure transactions, as well as being compatible with Anti-Money Laundering (AML) and Know Your Customer (KYC) standards.

"The CBCS recognizes the transformative potential of innovation and technology and is committed to exploring solutions regarding the efficiency of transactions between jurisdictions and digital payments, while ensuring compliance and the security guarantees obtained by these cutting-edge solutions. (fintech). This would be beneficial for everyone, "explained Matroos-Larsen.

This is not the only initiative with cryptocurrencies in the Caribbean. A few months ago, the Bahamas announced the creation of a digital currency that will aim to build payment services that strengthen the financial system and support unbanked people. While in Jamaica this year the cryptocurrencies will already be tradable assets in the Stock Exchange.