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At the start the blockchain based in Barbados, Bitt is collaborating with the Central Bank of Curaçao in Sint Maarten (CBCS) to examine the issue of a digital currency supported by the central banks for the two nations.
Bitt, a portfolio company of Overstock & # 39; s Medici Ventures, said Monday, signed a Memorandum of Understanding (MOU) with the central bank for the Dutch Caribbean island Curaçao and the country constituent of the Netherlands Sint Maarten at the beginning of this month. The aim of the agreement is to jointly examine the possibility of issuing a digital curator Curaçao and Sint Maarten to replace the current Dutch guilder in the Antilles.
The project will focus partly on verification of the know-your-customer / anti-money laundering (KYC / AML), according to the statements.
CBCS president Leila Matroos-Lasten said the bank signed the MOU with Bitt "because of the regional experience of this company in digital payments and its macroeconomic views".
He added:
"The central bank is determined to meet its challenges proactively by exploring the latest available technologies, for example, to reduce the level of cash use in the union. monetary policy and to facilitate greater security, more AML and more efficient and compliant KYC-compliant business transactions and between Curaçao and Sint Maarten. "
The MOU means that the bank recognizes the potential improvements that technology can bring , he added.
"The CBCS … commits to explore solutions concerning the efficiency of cross-jurisdictional transactions and digital payments, while ensuring compliance and security guarantees obtained with these solutions at the forefront [fintech] ", said Matroos-Lasten. "This would be beneficial for everyone."
News arrives a few months after Bitt signed a similar MOU with the Eastern Central Bank of the Caribbean, a central banking institution covering Anguilla, Antigua and Barbuda, the Dominica Commonwealth, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia and St. Vincent and the Grenadines
This process could be used to develop new digital payment and settlement systems and, if successful, could ultimately help the bank issue its own cryptocurrency, as previously reported by CoinDesk.
Image via Shutterstock
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