The Caribbean isn't just talking Blockchain Technology, it is implementing it--> First Blockchain-base Central Bank Digital Currency issued by ECCB

The Caribbean isn't just talking about Blockchain Technology, it is implementing it. The Eastern Caribbean Central Bank (ECCB) becomes the first Central Bank to issue Blockchain-base Digital Currency. I must admit I am a little surprise of the move as the Caribbean traditionally makes its move after the USA government gives the green light. Nonetheless, ECCB has indicated this development aligns with its strategic plans to reduce cash circulation by 50% by 2021 and promote greater financial sector stability, and expedite the growth and development of member countries. One of the good signs of these development, there is a political will and genuine corporate push to support this emerging sector.

These developments have me perplex, not often you hear Central bankers pushing this blockchain narrative and getting support from the varying government. Probably the results from this 'experiment' would be used to launch more Central Bank Digital currencies. Here is the full report from the Central Bank website: https://www.eccb-centralbank.org/news/view/eccb-to-issue-worldas-first-blockchain-based-digital-currency

Here are some other exciting developments, the Antigua and Barbuda government plans the launch a digital currency exchange. Bitcoins and other digital currencies can used in several CBI programs. For those who aren't aware of CBI, it stands for Citizenship By Investment, basically you make financial contribution towards select programs recognize by the government in exchange for citizenship of that country. Several Caribbean countries run that program, it is one of the ways of earning foreign exchange for these islands. Predominantly USD dollars were primarily accepted as the mode of payment but now more governments are advocating the Euro and Bitcoin and other digital currencies. If you looking to enjoy luxury 5 star Hotel and accommodation style, then you strike some luck as cryptocurrency 5 star resort would be made just for you. These are some of the developments in the pipeline as those within the Tourism industry looks for ways of tapping into the blockchain wealth.

If you are looking for regulatory clarity and government support, then you can consider Bermuda. I plan to support as much as these businesses or endeavors as much as possible. Hopefully we can see some of the cryptocurrency projects domicile within the Caribbean.

What are your thoughts on this Central Bank issued digital currency? For those who want some in depth information, the Eastern Caribbean dollar is one of the most stable fiat currency in the world. It is a pegged currency against the USD dollar at a rate of 1USD: 2.71 XCD. Eastern Caribbean Central Bank is one of the few Central Bank can boast of having a positive balance sheet, in fact, it is one of the few Central Banks to turn in profit. One of the ways of maintaining liquidity and adequate amount of USD as foreign reserves is through the use of USD Treasury Notes, Bills and Bonds. Banks within the Eastern Caribbean Currency Union is among the strongest and maintain some of the best ratios in the region. While these banks cannot boast of having large assets under management, it does not carry problem of NPL(Non-performing Loans) and other debt problems systemic in other currency unions.