Medici Ventures’ Barbados-based fintech portfolio company Bitt, Inc. has signed a Memorandum of Understanding (MOU) with the Central Bank van Curaçao en Sint Maarten (CBCS) to discover the practicability of the CBCS issuing a digital Curaçao and Sint Maarten guilder to facilitate digital financial payments within the monetary union of Curaçao and Sint Maarten, reported by Nasdaq on Aug 13, 2018.
It is reported that the two parties signed an MOU on August 3, 2018, indicating the conclusion of the dialogs which ignited in April during the CBCS’ second Central Banking Conference. This MOU will strengthen the liaison between Bitt and the CBCS and set the basic framework for this collective effort in order to facilitate financial payments within the monetary union of Curaçao and Sint Maarten.
Rawdon Adams, CEO of Bitt Inc. cited on this new alliance:
“The MOU clears the way for collaboration and information sharing regarding a feasibility study, designed to determine the viability and functionality of using a central bank-issued digital guilder within the financial ecosystems of each member, and across both members of the monetary union.”
Rawdon Adams further elucidated that through digital currency and mobile wallets and it will be quite simpler to make transactions and payments in the monetary union in a more protected method. Also, it will cut down on the printing cost of fiat money by the central bank and be circulating it between the two member states.
The bank through this association is contemplating to “reduce the level of cash usage within the monetary union” and expedite news ways for “more secure, more Anti-Money Laundering (AML) and Know Your Customer (KYC) compliant” transactions between the islands.
Leila Matroos-Lasten, acting President of the CBCS stated:
“The CBCS herewith recognizes the transformative potential of innovation and technology and is committed to exploring solutions regarding the efficiency of cross-jurisdictional transactions and digital payments whilst ensuring compliance and security assurances obtained by these state of the art (fintech) solutions. This would be beneficial to everyone.”
Bitt Inc. is a fintech portfolio company of Medici Ventures, a wholly owned subsidiary of Overstock.com, which was established to develop blockchain-powered solutions to “solve real-world problems.” Medici Ventures is the majority owner of tZERO company. The Financial Technology company utilizes blockchain and DLT to facilitate secure peer-to-peer transactions with seamless mobile money across a suite of Bitt’s Software and Mobile Applications.