The financial authority of 8 island economies within the Eastern Caribbean has agreed to participate in a pilot program that can contain issuing a virtual forex.
According to a press liberate dated March 14, the Eastern Caribbean Central Bank (ECCB) has signed a Memorandum of Understanding with FinTech company Bitt Inc. for a multifaceted blockchain pilot that can contain the “issuance of a digital [Eastern Caribbean] currency which will operate alongside” bodily Eastern Caribbean forex.
The ECCB acts because the financial authority for 8 Caribbean economies – the ones of Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia, and Saint Vincent and the Grenadines – which can be jointly referred to as the Eastern Caribbean Currency Union (ECCU). The Eastern Caribbean buck, which the financial institution problems, is pegged to the USA buck and is subsidized through really extensive foreign currencies reserves.
In addition to the trial of the central bank-issued digital forex, the pilot will come with know-your-customer, anti-money laundering, and combatting the financing of terrorism projects, in addition to the advance of a “digital payment and settlement platform.” Through a spokesperson, Bitt Inc. CEO Rawdon Adams advised ETHNews that the gadget is meant to enhance P2P transactions along with the “institution to individual and potentially central bank to institution” sorts.
The mission, which is slated to happen underneath ECCB supervision someday this yr, shall be performed in “controlled environments.”
ECCB governor Timothy N.J. Antoine mentioned of this system:
“This fintech pilot is part of the Bank’s Strategic Plan 2017-2021 … As the ECCB promotes the safety and soundness of the financial system in the ECCU, it also has a responsibility to encourage and support innovation … To that end, blockchain technology merits our attention and consideration at this time.”
The pilot is it sounds as if distinct from any other mission through Bitt Inc., along side the management of Montserrat premier Donaldson Romeo, to trial a virtual model of the Eastern Caribbean buck.
Shortly after that mission was once introduced, it emerged that a minimum of one state-supported ICO is expected to take place in Antigua and Barbuda.
Adam Reese is a Los Angeles-based writer interested in technology, domestic and international politics, social issues, infrastructure and the arts. Adam is a full-time staff writer for ETHNews and holds value in Ether and BTC.
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