Eastern Caribbean Central Bank just sealed a pilot deal with blockchain Barbados-based startup, Bitt.
Bitt, a portfolio organization of Overstock’s Medici Ventures, just made a deal with the Eastern Caribbean Central Bank. The deal is a memorandum of association that allows Bitt to test its innovations for combating terrorism among member nations of the Central Bank.
The member nations mentioned in the memorandum include Antigua, Barbuda, Anguilla, Grenada, the Commonwealth of Dominica, the Grenadines, St. Kitts and Nevis, St. Vincent, and, Saint Lucia.
A Firm Stance On Blockchain Technology
The pilot is scheduled to launch next month, and it will be restricted to specific environments that will be supervised by the bank. This is according to the press release announcing the pilot. The plan is to use the result to develop more effective settlement systems and digital payments. It will also include the development of region-specific digital currency.
The company, Bitt, will be able to monitor transactions, track data management, and compliance.
The governor of Eastern Caribbean Central Bank, Timothy Antoine reported that the pilot is just a part of the 2017-2021 strategic plan of the bank.
In his words:
“It is the responsibility of the ECCB to support any innovative movement that is consistent with our mandate to promote the soundness and safety of the ECCU as we strive to maintain a balanced growth of our member countries. This is why we have placed particular interest in blockchain technology. We believe that exploring blockchain technology will be beneficial to our member states.”
Although the pilot is certain, there are no details about how long it will last or when the results will be available, the press release made it clear that the digital currencies issued will be utilised along with the fiat currency of the region.
Netki, another blockchain startup, worked with Bitt to develop a digital form of the Barbadian dollar and a payment network in Barbados.