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

Mental health matters

By
It is 547am and I have decided to write. I have been living with a mental health diagnosis for more than 23 years. I am differently abled. Mental illness sometimes presents itself as a non-visible disability. A person with mental illness may look and function normally. Added to that we do not get to see the struggles happening internally. After 23 years I could say that I have much experience with my condition and may be able to offer words that may help others. There is plenty of stigma associated with mental illness. People think that the mentally ill are bad people, weak, or somehow less deserving of dignity and the treatment of the illness sometimes feels like punishment and is dehumanizing at times. There is much good intentions and well meaning as well (do not get me wrong) but things could be better. And it happens at the highest level. A leader once said, "Whom the gods would destroy, they first make mad." As the saying goes, who knows it feels it. I started a project...
Post a Comment
Read more

Drums of freedom

By
It is 401am and I have decided to write. This Saturday, Trinidad and Tobago observes African Emancipation Day. It is a day to celebrate the journey to freedom and to honor those who sacrificed so much so that we could enjoy the freedoms we have today. Yet the journey is not over. As we celebrate how far we have come, let us also ask God to open our minds and hearts to the struggles that continue. Freedom is never something we should take for granted. Every day, we witness powerful interests around the world attempting to stifle freedom in pursuit of their own agendas and self-aggrandizement. Too often, they seek to divide in order to conquer. May we resist division with wisdom, courage, and compassion. May unity triumph over hatred, truth over deception, and love over fear. As we remember the past, may we also commit ourselves to protecting the freedoms of the present and building a more just future for generations to come. Happy African Emancipation Day. May God continue to guide us o...
Post a Comment
Read more

Love and joy

By
It is 230pm and I have decided to write. I have no topic but I want to write. I am thinking about God. I am thinking about life. I am grateful for God and life. I need a writing prompt. My friend Chatty gave me a pretty verbose prompt. Sit quietly for a moment and imagine that God asks you only one question: "What have you noticed?" Don't answer with theology. Answer with your life. What have you noticed about joy? About fear? About the way people love? About silence? About time? About your own heart? Where have you sensed God—not in miracles, but in ordinary moments? Where have you struggled to find Him? What has life been teaching you that you were too busy to hear before? Write honestly. Don't try to reach a conclusion. Let the page become a conversation rather than an argument. I immediately noticed the light streaming through the window that allows me to see the world. My first thought was how much we take things for granted. It is easy to feel lacking. To feel s...
Post a Comment
Read more