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First Central Bank Coin: Soon in the Caribbean?

The monetary union of the Eastern Caribbean ECCU has entered into a partnership with the FinTech company Bitt from Barbados to develop its own cryptocurrency. By the end of the year 2020, the hitherto unnamed digital currency will accompany the EC dollar used in the Eastern Caribbean, and later perhaps even replace it. The central bank of the archipelago hopes that by reducing the use of cash benefits for the local economy.

Fiat money should be replaced by state cryptocurrency

The monetary authority reported on their plans on their own website. The FinTech company Bitt should help with the development and testing of a specially developed cryptocurrency. Quite unprepared, the team does not approach the project, because in advance, extensive research on the establishment of a state cryptocurrency have taken place. K. Dwight Venner, KBEGovernor, summarizes the plan to develop the Caribbean cryptocurrency in the Central Bank’s report: “The ECCB’s Money and Capital Markets Development Program addresses both the development of markets and institutions and the creation of a regulatory environment that balances risks and innovation”.

Central digital currencies on the rise

Not only in the Eastern Caribbean is busy tinkering with a government crypto currency, the Marshall Islands in the Pacific is preparing its own digital currency: the Sovereign. The sovereign should not completely replace the government currency, the US dollar in the long term, but at least a practical supplement to the drive of the economy.

Also American banks, such as the American bank J.P. Morgan, design their own digital payment systems, the JPM Coin. The JPM Coin is intended to simplify trading on the stock exchange. Signature Bank circles in New York are also reporting on a concept of their own digital currency. Has the age of digital currency just begun? The crypto community may be prepared for many such changes in the future. It seems that cryptocurrencies are becoming more and more interesting even at the state level. Buying crypto currencies remains exciting.

Published inFintech

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