Bitt Inc. is a fintech company based in the Caribbean Islands, in Barbados, that uses blockchain to aid P2P payments via mobile applications.
The company has recently signed a Memorandum of Understanding with the Central Bank in the Caribbean Islands or CBCS (Central Bank of Curacao and Sint Maarten) for the development of a government-owned cryptocurrency. While the decision to launch a cryptocurrency is not set in motion yet, the MoU allows Bitt to look more seriously into developing a Caribbean cryptocurrency in the near future.
From the press release, it seems that the MoU was signed on the 3rd of August, 2018, whereas the actual negotiations about creating a state-owned cryptocurrency began in April, 2018 from the CBCS side.
The President of CBCS commented on the news:
“The central bank is determined to address its challenges proactively by exploring the latest technology available, for example, to reduce the level of cash usage within the monetary union, and to facilitate more secure, more AML and KYC compliant, and more efficient financial transactions within and between Curaçao and Sint Maarten.”
After the MoU was cleared as a legal point, now a feasibility study will be conducted to analyze the potential and benefit of creating such a cryptocurrency and of course, the role of each stakeholder in the monetary area of Sint Maarten and Curacao, where the cryptocurrency will be “active”.
On the other hand, Bitt Inc. is actually backed by Medici Ventures, which invests in growing high-tech companies that develop blockchain solutions. Medici Ventures is wholly owned by Overstock.com, which, again, seeks to transform industries by investing in blockchain-based solutions and companies that develop those.