Bitt Inc., a crypto startup in Barbados is partnering with the Central Bank of Curaçao and Sint Maarten on implementation and use of digital currencies in the country. The partnership was sealed with the signing of a memorandum of understanding between the two parties on the 3rd of August. The agreement will see to the workability of cryptocurrency in the country.
The partnership is borne out solving the difficulty with transactions in the country, as the two Dutch constituent countries share the same currency. To tackle these challenges encountered in transferring physical cash overseas, as led to the partnership with Bitt.
Bitt Inc., is a cryptocurrency startup based in Barbados, a subsidiary of the Medici Ventures Portfolio Company. The startup will be working on the feasibility of issuing a digital Curaçao and Sint Maarten guilder, the local currency transaction in the country. The MOU signed on the 3rd of August sealed the talk on the possibility of introducing digital guilder in the country that started in April 2018.
Speaking on the signed MOU, the CEO of Bitt Inc. Rawdon Adams said:
“The MOU clears the way for collaboration and information sharing regarding a feasibility study, designed to determine the viability and functionality of using a central bank-issued digital guilder within the financial ecosystems of each member, and across both members of the monetary union.”
Meanwhile, Bitt Inc. had previously signed a similar MOU to achieve digital currency with Eastern Caribbean Currency Union (ECCU) earlier this year.
To aid the goal of external stability of the guilder, and to promote the efficient functioning of the financial system in the country led to the MOU as stated by the acting President of the CBCS Leila Matroos-Lasten. So also to tackle the challenges of carrying out transactions between the two countries, she further says:
“The CBCS herewith recognizes the transformative potential of innovation and technology and is committed to exploring solutions regarding the efficiency of cross-jurisdictional transactions and digital payments while ensuring compliance and security assurances obtained by these state of the art (fintech) solutions. This would be beneficial to everyone.”
Even though it is not an adoption of any of the significant cryptocurrencies, the digitalization of the guilder as a cryptocurrency is an advancement for the crypto world.