Barbadian businesses and consumers signing up to use the digital payment services of BITT Inc have been assured their digital money would be fully backed by cash.
Prime Minister Mia Amor Mottley told a media conference Friday consumer protection was a high priority for Government which is aiming to attract major international corporations and local FinTech (financial technology) start-ups alike to a new mechanism called a Regulatory Sandbox, which was formally announced Tuesday.
“We must embrace new technologies to be cutting edge,” Prime Minister Mottley told journalists. She hailed the work of staff of the Central Bank of Barbados, the Financial Services Commission, economic adviser to Government Professor Avinash Persaud and several other contributors to the creation of the regulatory mechanism, in a matter of just over a month.
“We have got to protect consumers and avoid systemic risk,” the prime minister remarked.
BITT’s money service permits citizens and businesses to send and receive digital Barbados dollars, as well as pay for goods and service such as food and gasoline with a smart phone app.
The Regulatory Sandbox is an environment administered by the Central Bank of Barbados and the Financial Services Commission (FSC) which allows large corporations or small companies to have their products and services tested to high standards of regulation related to money laundering, financial viability and technology adaptation to protect consumers and the financial system.
BITT’s Chief Executive Officer Senator Rawdon Adams said the company’s regulation under the Sandbox would be robust. He described the BITT’s entry into the regulatory environment as “an amazing, historic opportunity”.(HH)
Subscribe now to our eNATION edition.
For the latest stories and breaking news updates download the Nationnews apps for iOS and Android.