The Central Bank of Curacao and Sint Maarten (CBCS) has declared an partnership with blockchain innovation firm Bitt went for investigating the issuance of an digital money for Curacao and Sint Maarten island countries.
Per the CEO of Bitt, Rawdon Adams, an digital currency will be particularly relevant to the two countries, which are both constituent nations of the Netherlands and which share the same fiscal association. This is on the grounds that the dangers and expenses brought about by the CBCS in printing and appropriating physical money over the financial association will be enormously lessened. Moreover, it will be helpful for subjects and inhabitants of the district.
Central Bank Digital Currency
“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,” said Adams in a statement. “This solution is particularly powerful in the case of cross-border transactions, which can take days even within a monetary union, and the cost of which is only increasing.”
As indicated by Leila Matroos-Lasten, the acting leader of CBCS — the longest-surviving store bank in the Americas, having been established in 1828 — a computerized cash will be more agreeable with Know Your Customer and Anti-Money Laundering (KYC/AML) arrangements and procedures.
“The CBCS herewith perceives the transformative capability of development and innovation and is focused on investigating arrangements in regards to proficiency of cross-jurisdictional exchanges and advanced installments while guaranteeing consistence and security affirmations acquired by these best in class (fintech) arrangements,” said Matroos-Lasten. “This would be useful to everybody.”
Blockchain Pilot Initiative With ECCB
This isn’t the first run through Bitt has banded together with a national bank. In March, the dispersed record innovation firm, which is incompletely possessed by Medici Ventures, a backup of the online retailer Overstock, marked a reminder of comprehension (MOU) with the Eastern Caribbean Central Bank (ECCB). The arrangement was inked around the same time that Medici Ventures brought its stake up in the startup to 8.6%, as we revealed at the time.
Much the same as with the MOU Bitt inked with the CBCS, the objective of the prior arrangement was to create, send, and test innovation went for enhancing the Eastern Caribbean Currency Union’s hazard profile by improving AML/KYC and Anti-Terrorism Financing measures and procedures. The prior MOU additionally addressed investigating the advancement of a computerized cash for the ECCU.
“[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 consistent with the Bank’s mandate to facilitate the balanced growth and development of member countries,” ECCB’s governor, Timothy Antoine, said in a statement at the time. “To that end, blockchain technology merits our attention and consideration at this time.”
This article was originally posted on CCN– an independent news provider as ” America’s Oldest Central Bank, Bitcoin Startup Partner to Explore Digital Currency”