The Caribbean oosterse has created its own digital currency form with the aim of facilitating transactions and providing service to people who do not have bank accounts.
The Central Bank of the Caribbean East states that its “DCash” is the first currency of its type based on the blockchain that is marching through every monetary union in the world, although some individual countries have similar systems.
The digital currency is available from part of schools in four Icelandic nations, agreed with a pilot program of one year: Santa Lucia, Granada, Antigua and Barbuda, and San Cristóbal and Nieves.
“It’s a hit in the history of monetary instruments,” said Bitt CEO Brian Popelka during an online press conference.
DCash was created by the Bitt technology finance company, based in Barbados, in company with the central bank. Different from the cryptocurrencies, DCash is issued by an official central bank and has a fijo value indicated in the current dollar of the Eastern Caribbean which is used in large part of the region.
The system allows users, including those who care about a bank account, to have an intelligent phone, download an application and make pages using a QR code. Those who do not have a bank account can hire an agent or a financial institution authorized by the bank to verify their information at the end of approving a “DCash” currency.
Later, the person went to a supermarket or took some money to deposit money in his currency, Bitt’s spokesman Chris Burnett told The Associated Press.
In addition, there is a limit to the amount of money that can be sent to DCash Travels. Currently there are no plans to integrate credit cards and tampoco is an interest in the digital world.
Although many in the Eastern Caribbean celebrate medieval history, some experts point out that the digital currency emitted by small countries can end up being used for illegal activities, such as the financing of terrorist actions and money laundering, Eswar Prasadic said.
“This skepticism is diminishing in the sense that more central banks are involved and mean that the central banks of the world are facing the inevitable reduction in the efficient use of money,” he said.
Subrayó that the Bahamas converts the year passed in the first countries to march on its digital currency at the national level, and that the Marshall Islands consider to have its own cryptocurrency. For more countries “have more games” in part due to the fact that many people continue to have a bank account, aggregate.
“For that reason, I see that the small countries are being more aggressive in this sense, simply because they are serious,” Prasad said.
The authorities will say that the digital currency will be available in September in Anguilla, Dominica, Montserrat and San Vicente and the Granadinas, as part of the Icelandic economy integrated into the Central Caribbean Central Bank.
The project has an objective to reduce by 50% the effective budget for 2025, says Sharmyn Powell, President of the Bank’s Finance Technology Working Group.
“It’s more safe, more fast and more fast,” Powell explains.
The Governor of the Central Bank, Timothy NJ Antoine, said that by example, agricultural workers, fishermen, two bargaining partners, single mothers and people without bank accounts use the digital world.
“The following pages have been unloaded slowly and unloaded at cost”, Antoine signaled in reference to the current system. “The hemosphere and the hemosphere are complete”.
According to Antoine, it is more difficult to rob digital money and is a safe way to hack and avoid contact during the pandemic.
One dollar of the Caribbean Caribbean currently equals 37 cents of estadounidense dollar. All tickets of the Oriental Caribbean, of any denomination, have the image of Queen Isabel II of England as the mother of the Mancomunidad de Naciones.
The project also has more than two months to go before the Central Bank of Japan, the Bank of Japan, the Bank of Canada, the Bank of England, the Riksbank of Switzerland and the Swiss National Bank will create a group to study the possibility of issuing money digital.
The Central Bank of Sweden has launched a pilot program. For its part, China launched a digital currency circulating in four cities in April 2020 as part of a pilot program that has since been expanded to more than 20 cities.
Its embargo, however, is due to the digital currency of the central bank and the future, said Lee Rainers, professor of law and finance policy at Duke University.
“I’ve been abusive with some skepticism since this technology has been around for over 10 years, but it’s not as despised as a generalized interchange,” he said.