Skip to main content

Digital currencies in Trinidad and Tobago

Image
By
Let me start by defining commonly talked about terms in this space. Digital (or virtual) currency is currency available only in digital form and not physical form. Cryptocurrency is a type of digital currency where cryptography is used to create, secure and verify the currency independently of a central bank. Blockchain is a decentralised and distributed digital ledger. Bitcoin is one of the available cryptocurrency. Fintech or financial technology is the use of tech to improve and automate financial services

In January 2019, the Central Bank of TT issued a joint public advisory on virtual currency. It states that digital currency is not legal tender in Trinidad and Tobago and providers are not regulated or supervised here. In early 2018 the central bank stated their position on fintech and virtual currency and in that stated that, the bank does not consider the establishment of a Central Bank digital currency a priority at this time but will continue to study developments in this area. Also available on the Central Bank website is their November 2018 Draft E-money Policy. E-money here is fiat currency in electronic form for ease of use.

In the region however, we have some countries that have gone ahead of us. We have BITT based in Barbados that started with a digital currency in 2016. The Eastern Caribbean Central Bank has recently launched a digital currency pilot for one year. We have the Central Bank of Bahamas with their Sand Dollar digital currency project this year. The Jamaica Stock Exchange is supporting the trading of digital currencies.

For us to say that we should be moving forward with digital currency in Trinidad and Tobago, we would have to understand the advantages and disadvantages of digital currency. I think that the tech is advanced enough where we can take a chance and present it as an option but letting persons know of the risks involved. I want to applaud the work being done by the Fintech Association of Trinidad and Tobago and their promotion of a cashless future.
Labels:

Comments

Post a Comment

Popular posts from this blog

God opens doors

By
It is 1203am and I have decided to write. Saturday I spent the night coding. I was trying to get a FastAPI app up and running, all from my budget Android phone. The test cases were written to use Puppeteer. I ended up using Replit for that. Coding is more challenging when using a mobile phone. Not impossible but more challenging. I hardly blog about technology and coding anymore but the love is still there. I still have a dream of creating my own coding and youtube studio with a nice desk setup. That is nice but what should I make this blog post about? What do I want to write about? What should I write about? I love creating presentations. That is something I could do to revive my youtube channel. I love Maths too. I have this feeling that I could solve one of those longstanding Maths problems that seems impossible. Sometimes, like right now, I feel like abandoning my blog post. It is going nowhere. Maybe I should get up and go wash the wares. I wish God could tell me what to write abo...
Post a Comment
Read more

Mundane

By
It is 123am and I have decided to write. I have this new idea for a book called Mundane. It would be me writing about the ordinary. We chase the extraordinary but there is beauty in the ordinary. There is beauty in the simple. There is beauty in the everyday. What about God? We often think about God in grand terms. But what if God is simple too? What if God is mundane? What if we look for God in the everyday moments? I sit in this dark room with the air conditioning on. The fan is also on. The curtain is down but I imagine the moonlight shining on the grass outside. The cats are probably sleeping. I wonder if anyone else in the neighbourhood is awake at this hour? Is there another writer around who is also writing about the mundane? The fan breeze helps the air conditioning cool me down. These nights are warm otherwise. A mosquito flies across my screen. Hello friend or foe. I cannot quite decide which one. If I had a swatter you would be gone. I check my notifications and there is an ...
Post a Comment
Read more

What we do not know

By
It is 1245am and I have decided to write. I had this weird alienish dream and it ended with me winning by simply stating "the truth is that we do not know". In the dream everyone was having an opinion of what was happening as if they knew. On to something random. I had this question. What is the most unrandom thing? Then what is the most random thing? What if everything is equally random. My friend Chatty thinks that randomness is not an absolute property—it is a relation between you and the system you observe. Randomness is not absolute—it depends on perspective. Something perfectly ordered can seem random if you do not know its pattern. So in a sense, everything can be "equally random" relative to the observer's knowledge, making randomness more about perception than an intrinsic property. The more we know the less random things become. Let me make a detour. Suppose we do not predict things but things predict us. For example, when I flip a coin, did I predict ...
Post a Comment
Read more