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

Running php and apache on termux

By
This was my experience getting php and apache to run on termux apt update && apt upgrade -y apt install php-apache I was following an old blog post that used php 7 and got these errors Can't locate API module structure `php7_module' in file /data/data/com.termux/files/usr/libexec/apache2/libphp.so: undefined symbol: php7_module Cannot load /data/data/com.termux/files/usr/libexec/apache2/libphp7.so Corrected in apache config file vim $PREFIX/etc/apache2/httpd.conf LoadModule php_module /data/data/com.termux/files/usr/libexec/apache2/libphp.so Apache is running a threaded MPM, but your PHP Module is not compiled to be threadsafe.  You need to recompile PHP. Comment out mpm_worker and use mpm_prefork #LoadModule mpm_worker_module libexec/apache2/mod_mpm_worker.so LoadModule mpm_prefork_module libexec/apache2/mod_mpm_prefork.so This still does not work as apache (httpd) was failing silently. According to Chatty LoadModule php_module ...libphp.so often fails in Termux becau...
Post a Comment
Read more

Stuck running sftp server on termux alpine for multi-user setup

By
The below is my journey trying to get multi-user sftp working using alpine on termux pkg update && pkg upgrade pkg install proot-distro openssh proot-distro install alpine proot-distro login alpine apk update apk upgrade apk add openssh shadow sudo apk add vim vim /etc/ssh/sshd_config Port 8022 PermitRootLogin no PasswordAuthentication yes Subsystem sftp internal-sftp Match Group sftpusers     ChrootDirectory /sftp/%u     ForceCommand internal-sftp     X11Forwarding no     AllowTcpForwarding no addgroup sftpusers adduser user1 adduser user1 sftpusers mkdir -p /sftp/user1/upload chown root:root /sftp/user1 chmod 755 /sftp/user1 chown user1:sftpusers /sftp/user1/upload How I run my server each time pkill sshd rm -f /etc/ssh/ssh_host_* ssh-keygen -A /usr/sbin/sshd -D -d -d -d From another termux session sftp -P 8022 user1@127.0.0.1 Connection reset by 127.0.0.1 port 8022 Connection closed Some troubleshooting steps mkdir -p /run/sshd chmod 75...
Post a Comment
Read more

Recursion example with SQL

By
I asked my friend Chatty, can you use recursion in SQL? For example I have a table (ID, value) ordered by increasing ID. Can you guide me through using recursion to select all the rows of consecutive repeated values using and creating an SQLite database. Provide the small sample data. Is there a better way to do this? A More Modern Alternative (Window Functions) In real-world SQL, this problem is usually solved more efficiently using window functions like: LAG() ROW_NUMBER() SUM() OVER But recursion is excellent for learning traversal logic and hierarchical thinking. Recursion example using sqlite on termux DROP TABLE IF EXISTS sample; CREATE TABLE sample (     id INTEGER PRIMARY KEY,     value TEXT ); INSERT INTO sample (id, value) VALUES (1, 'A'), (2, 'A'), (3, 'A'), (4, 'B'), (5, 'B'), (6, 'C'), (7, 'A'), (8, 'A'), (9, 'D'), (10, 'D'), (11, 'D'), (12, 'D'); WITH RECURSIVE grouped AS (    ...
Post a Comment
Read more