ECCB to pilot blockchain technology

The technology promises to provide digital payments and settlements platform with high level of fault-tolerance and security
17 March 2018   509

Eastern Caribbean Central Bank and fintech company Bitt, Inc. (Barbados) have announced their partnership to pilot a blockchain technology among the member countries of Barbados. Pilot testing of the blockchain technology is going to focus such segments of the banking system as Know Your Customer, Anti-Money Laundering and Combating the Financing of Terrorism. Another key purpose of the tests is establishing Eastern Caribbean digital currency on par with the physical one.

This FinTech pilot is part of the Bank’s Strategic Plan 2017-2021. The aim of the pilot is to ascertain the suitability of blockchain technology to help boost economic growth and competitiveness in the region consistent with the ECCB’s monetary and financial stability objective.

 

Timothy N.J Antoine

Governor, ECCB

As for the member countries as a testing ground, those are Anguilla, Antigua and Barbuda, the Commonwealth of Dominica, Grenada, Montserrat, St. Kitts and Nevis, Saint Lucia and St Vincent and the Grenadines. Bitt, Inc. will conduct the pilot testing under the supervision of ECCB in 2018. Such project is not new for the fintech company: in February the company agreed to develop a digital payments platform for the island Montserrat that happens to also be in Caribbean region.

We are proud to collaborate with the ECCB in the development of this pilot study to explore technological solutions to some of the all too real problems affecting the region, its institutions and most importantly its people.

 

Rawdon Adams

CEO, Bitt Inc.

The blockchain technology attracts the attention gradually in terms of a fusion between financial institutions and fintech companies, for instance in Lithuania, South Africa, Sweden.

Coinbase to Issue New Statement

As reported, company says it was wrong about SEC approval of acquisitions
18 July 2018   9

Vice President of Communications of Coinbase Rachel Horwitz denied the information that the company received approval from the Securities and Exchange Commission of the United States for a deal to buy brokerage companies. This is reported by Bloomberg.

It is not correct to say that the SEC and FINRA approved Coinbase’s purchase of Keystone because SEC was not involved in the approval process. The SEC’s approval is not required for the change of control application. Coinbase has discussed aspects of its proposed operations, including the acquisition of the Keystone Entity, on an informal basis with several members of SEC staff.
 

Rachel Horwitz

Vice President of Communications, Coinbase

On Monday, a spokesman for Coinbase said that the company received permission from the SEC and the Agency for Regulation of Financial Institutions (FINRA) to purchase Keystone Capital Corp., Venovate Marketplace Inc. and Digital Wealth LLC.

However, despite the refutation from Rachel Horwitz, Coinbase still intends to obtain a license to carry out brokerage activities.