• Sun, 26 May 2019, 11:11 PM
  • All times are UTC
  • Edition:
Link copied

Centrale Bank van Curaçao en Sint Maarten, Bitt sign MOU to explore central bank digital currency

Tue, 14 Aug 2018, 06:29 am UTC

Barbados-based blockchain startup Bitt has signed a Memorandum of Understanding (MOU) with the Centrale Bank van Curaçao en Sint Maarten (CBCS) to explore the possibility of issuing central bank-issued digital currency.

Bitt, a Medici Ventures portfolio company, aims to leverage distributed ledger technology for efficiently and securely issuing “digital dollars” that equate with existing fiat currency, under regulatory oversight. Having signed an MOU with the Eastern Caribbean Currency Union (ECCU) earlier this year, the MOU with the CBCS marks Bitt's second MOU with a formal monetary union.

The CBCS aims to explore the feasibility of issuing a digital currency that will facilitate digital financial payments in the two countries as well as to maintain the external stability of the guilder.

"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," Leila Matroos-Lasten, acting President of the CBCS, said.

Bitt CEO Rawndon Adams explained that central bank digital currencies are particularly relevant in monetary unions where member states are 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," Adams added.

Earlier this year, the CBCS met with the Curaçao Blockchain and Crypto Taskforce (CBCT), which was set up to investigate possibilities for Curaçao to position itself as a facilitating jurisdiction to attract investments in digital assets, as well as blockchain technology, tokens and smart contracts for enhanced business conducts. It expressed its “willingness and ability to be a valuable stakeholder in the process of ushering [its] jurisdiction into an era of enhanced compliance and innovation.”

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
  • Bitcoin (BTC) $8,629.94 (+7.10%)
  • Ethereum (ETH) $265.38 (+5.24%)
  • XRP (XRP) $0.407300 (+5.20%)
  • Bitcoin Cash (BCH) $429.86 (+5.74%)
  • Litecoin (LTC) $110.30 (+7.62%)
  • Bitcoin (BTC) $8,629.94 (+7.10%)
May 24, 2019 (Friday)
Crypto Technicals: ETH/USD retraces above 1H 200-SMA, 'Hammer' on daily charts signals further gains
German engineering giant Bosch trials Ethereum blockchain
Crypto Technicals: BTG/USD grinds higher along 21-EMA, breakout at 61.8% Fib (25.74) will accentuate gains
Bank of Russia to review proposal on gold-backed cryptocurrency
Blockchain software firm Unstoppable Domains raises $4M from Draper Associates, Boost VC
Crypto Technicals: LTC/USD bounces off 21-EMA support, next bull target $109
Robinhood Crypto is now in New York
Facebook to launch its cryptocurrency 'GlobalCoin' in Q1 2020: Report
California resident sued for alleged $26M crypto Ponzi scheme
AT&T teams up with BitPay to become the first telecom to accept cryptocurrency payments
Rep. Swalwell accepting bitcoin donations in bid for US presidency
Grayscale receives FINRA approval to open Ethereum Trust to individual investors
Indian telco Airtel selects IBM for blockchain-based pan India anti-spam call solution: Report
Binance CEO CZ seeks compensation for reputational damage from Sequoia
Overstock.com’s blockchain subsidiary signs MOU with Lusaka city to develop land governance platform
Toyota, University of Tokyo, TRENDE to start testing blockchain-based electricity trading solution
Russia's NSD to roll out security token blockchain in June
May 23, 2019 (Thursday)
Crypto Technicals: IOT/USD holds 21-EMA support, retrace till 0.3185 (200-DMA) likely on break below
Coinstar extends bitcoin buying service to 21 US states
Crypto Technicals: BTC/USD bounces off session lows with 'Hammer' formation, bias neutral
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.