Blockchain Startup Signs MOU With Central Bank of Curaçao and Sint Maarten

Barbados-established fintech startup Bitt Inc. Has signed a Memorandum of Understanding (MOU) with the Central Bank of Curaçao and Sint Maarten (CBCS) to find out more about the possibility of devoting an electronic guilder, based on a August 12 press release.

The parties signed the MOU so as to come up with a central bank digital money to ease monetary payments inside the financial union of Curaçao and Sint Maarten. Per the statement, the lender is seeking to “reduce the level of cash usage within the monetary union” and ease”more protected, more Anti-Money Laundering (AML) and Know Your Customer (KYC) compliant” trades between the oceans. Rawdon Adams, CEO of Bitt Inc, commented on the alliance:-LRB-***********************)

Adams further clarified that printing fiat money by a central bank and also dispersing it between both member countries is expensive and hard. Conversely, digital currency is utilized on mobile pockets and makes it a lot easier to create payments and trades in the fiscal union in a more secure manner. Leila Matroos-Lasten, behaving President of this CBCS stated:-LRB-***********************)

appointed Rawdon Adams, the son of the prime ministry of Barbados involving 1976 and 1985, as its new CEO. The hiring has been seen as a member of their firm’s strategy in order to add weight to its own plans in the area. That year that the firm complied with the central bank of Barbados for its progress of pilot blockchain jobs.

Is a fintech portfolio firm of Medici Ventures, a wholly owned subsidiary of Overstock.com, that has been created to grow blockchain-powered alternatives to “solve real-world problems.” Medici Ventures is that the vast majority owner of tZERO firm.

While the lender of this Dutch Caribbean areas reveals openness to issuing its digital money, the divisional manager of this Dutch Central Bank, Petra Hielkem, said that as a result of volatility of cryptocurrencies along with also the possibility for consumer dangers, it cannot be considered cash. She added that, although cryptocurrencies aren’t “real money,” the lender does not have any plans to prohibit them.

Recently, Iran announced its dedication to make its very own state-issued cryptocurrency intending to evade U.S. sanctions, regardless of the fact that prior to the central bank banned national banks and other financial institutions from managing crypto, mentioning money-laundering concerns.

Original post first appeared in https://cointelegraph.com/news/blockchain-startup-signs-mou-with-central-bank-of-curacao-and-sint-maarten

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