Oldest Central Bank In USA To Ride The New Digital Revolution Wave

By Dmitriy

BTC Wires: CBCS (Central Bank of Curacao and Saint Maarten) has made an announcement that it is going into a collaboration with Bitt, a firm which specializes in blockchain tech to deliberate on whether it would be possible to issue a central bank authorized cryptocurrency for these two island states.

According to Rawdon Adams, the chief executive of Bitt, a cryptocurrency would be particularly important for these two island states since they are both a part of the Netherlands and share the same currency. This will play an important role in cutting costs the CBCS routinely incurs I’m printing and distributing a huge volume of tangible currency notes across the two states, that form a monetary union. Besides, it will also make things simpler for the people living and working there. The aim of the partnership is to issue a centrally authorized virtual currency that can be stored in mobile wallets and used for making secure, efficient and convenient transactions with the click of a button or a touch on one’s smartphone screen. This will allow for payments within the jurisdiction of the two states of Curacao and Saint Maarten. In addition, it can also smoothen the process of cross-border transactions of funds which, under normal circumstances, often take upto a week and also involve hefty fees.

CBCS acting President Leila Matroos-Lasten said that this central bank, the oldest existing one in the Americas, will be working towards launching a cryptocurrency fully compliant with KYC/AML (Know your Customer and Anti Money Laundering) processes. The bank, which dates back to 1828, acknowledges what an impactful role can be played by new technology and is willing to deliberate on various novel tech solutions to boost efficiency in cross-border transactions. At the same time, it remains imperative to make sure there is ample accountability and compliance in using these new age tech solutions that are expected to benefit about everyone in the economy.

Bitt is expected to prove to be a reliable partner, given it has experience of collaborating successfully with another Central Bank before this, namely the Eastern Caribbean Central Bank (ECCB)

The agreement between the parties represents an exciting start with the oldest central bank in the Americas giving in to digital revolution and we can only hope for the best.