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Barbados, the eastern Caribbean Island nation joins the rest of the world to push Fintech, the blockchain, and digital technology to the edges. The Island’s Prime Minister Mia Amor Mottley disclosed plans towards a national digital payment system. She was speaking at the Bitt Central Bank Meets Blockchain: From the Ground Up.
The plan is to start off with a pilot project by leveraging Bitt’s digital money initiative mMoney. To do that the prime minister said there are meetings scheduled with commercial banks to find the connection to the new digital payment system.
Prime Minister Mottley’s comments came after Bitt’s CEO Senator Rawdon Adams complained of the unwillingness of the country’s commercial banks to embrace the mMoney initiative. According to Adams, the digital peer to peer money system built by Bitts is a complimentary service that would help banks carry out their transactions better, and not a competitor meant to push them out of business as some banks see it. On this, he said:
“We are seeking to demonstrate what hundreds of merchants and now thousands of users know already, that digital currency is ready to be used as a complement to existing payment methods both in Barbados and across the region”.
For Mottley, who represent the people of Barbados, this initiative is being considered because it presents a better banking and financial system for the people. She added that it is an initiative that will augment the government’s efforts to transform the country. Mottley also gave assurances that in the midst of the program and its implementation, Barbados would ensure that ‘know your customer’ (KYC) guidelines and anti-money laundering (AML) rules are strictly adhered to. When instituted, the mMoney initiative would change the financial services industry for the better, provide better services for citizens, and move the country forward.
BNN had an opportunity to speak to Rawdon Adams, the CEO of mMoney. When asked about a potential launch date for the project, Adams said:
“The Bitt team welcomes the opportunity to lead an mMoney pilot in Barbados; it’s an exciting time for us. We look forward to working with the Central Bank, the Financial Services Commission and other key stakeholders to ensure that every step of the rollout is defined. We expect discussions to continue for several days; however, once a plan has been agreed to, details be communicated and timelines shared.”
Barbados and the rest of the crypto community will be watching this development closely.