For a long time, individuals have wondered when cryptocurrencies would finally be adopted as a sovereign instrument. Now a fintech startup company from the West Indies has signed an agreement to do exactly that in the Caribbean.
The startup, Bitt, signed a Memorandum of Understanding with the Central Bank of Curaçao and the island of Sint Maarten. They will work together to potentially create what would be the first official cryptocurrency, with backing, in the Caribbean Sea.
Dutch Caribbean Taking Digital Assets to the Next Level In Spite of their Colonial Overlords in the Netherlands
What is most interesting about the whole affair is the untold story behind it. The Dutch Central Bank and finance ministry has come out hard against the cryptocurrencies. The Dutch Central Bank Divisional Director famously stated that a central bank digital coin will never work. His reasoning was not entirely invalid. They argued there is both extreme volatility to the digital assets and also potential for significant risks to the consumers.
If anything, the altcoin apocalypse of the past few days has shown the truth in the Dutch Central Bank’s remarks. Cryptocurrencies like ETH, TRX, LTC, DASH, XRP, and most others absolutely tanked yesterday. The losses were staggering for a single 24 hour period and were double digits across the board. Cryptocurrency heavyweight BTC fared better, but still took a significant single day hit. Once again Bitcoin proved why it is the true gold standard of the digital universe.
Fintech Bitt Is Ideally Situated and Funded For This Sort of Work
Bitt’s CEO Adams is excited to move the cryptocurrency needle forward in the region.
He only gained control of the board last year in 2017. In that time, he has already worked with Barbados to kick start a few blockchain projects.
Bitt is a major player potentially because of Overstock.com’s ownership as they are a subsidiary of the Internet giant. Overstock is the popular and well-funded online e-tailer that has previously thrown considerable weight behind advancing blockchain projects.
Overstock.com made headlines in 2014 as among the earliest significant retailers to take BTC for their widely varied goods/services.