Caribbean: Major Bank Partners with Fintech Startup to Explore Issuing Central Bank Digital Currency

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West Indian fintech startup Bitt has entered a Memorandum of Understanding (MoU) with Sint Maarten and the Central Bank of Curaçao (CBCS) to explore the possibilities and advantages of introducing a state-backed digital currency. Micro-Revolution Underway As indicated in an official press release, dated Aug. 12, the MoU will be primarily used to facilitate the transfer of knowledge and funds between consented parties to develop and implement a cryptographic financial vehicle for the jurisdictions of Curaçao and Sint Maarten. The bank is looking to reduce its reliance on paper-based fiat money in favor of a digital financial system for uninterrupted, fast and traceable transactions between the islands. That said, Bitt is on board to integrate a blockchain-based settlement system with a robust KYC and AML dataset to realize the bank’s mission. Rawdon Adams, CEO of Bitt, expressed his thoughts on the partnership: “The MOU clears the way for collaboration