• Home
  • News
    • People moves
    • Africa
    • Asia
    • Australia
    • Canada
    • Caribbean
    • Domicile
    • Europe
    • Latin America
    • North America
    • Middle East
    • US
    • US
    • UK
  • Products
    • Funds
    • Pensions
    • Platforms
    • Insurance
    • Investments
    • Private Banking
    • Citizenship
    • Taxation
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Directory
  • Video
  • Advertise with us
  • Directory
  • Events
  • European Fund Selector
  • Newsletters
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
  • Advertise with us
  • Directory
  • Events
    • Upcoming events
      View all events
  • European Fund Selector
International Investment
International Investment

Sponsored by

Sharing Alpha
  • Home
  • News
  • Products
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Video
  • Cryptocurrencies

Eastern Caribbean should consider digital currency: IMF

Eastern Caribbean should consider digital currency: IMF
  • Pedro Gonçalves
  • @PeterHSG
  • 26 February 2020
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  

The International Monetary Fund (IMF) has said the Eastern Caribbean should consider a common digital currency across the region to boost resources.

The ECCU region comprises of St Kitts and Nevis, St Lucia, Anguilla, Antigua, and Barbuda, Dominica, Grenada, and St Vincent and Grenadines. It is under the supervision of the Eastern Caribbean Central Bank (ECCB), which issues the Eastern Caribbean dollar.

Related articles

  • RBC sells banks in Eastern Caribbean
  • Caribbean countries with CBI programmes urged to work together
  • Rich UAE expats target Caribbean for second passport
  • Eastern Caribbean Central Bank in digital currency pilot

IMF staff suggest that "cautiously piloting a digital currency" is one of the areas that could catalyse the region's resources and capacity, which would particularly help "solidify the monetary union by raising payment's efficiency."

It is vital at this juncture that we embrace the opportunity to expand our capacities for adaptation to the swiftly changing realities of the technological spheres in which we find ourselves in this 21st century"

St Kitts and Nevis is already developing favorable conditions for a Central Bank Digital Currency (CBDC) to be issued. The island is building a virtual currency-oriented legal framework and has already passed a Virtual Assets Bill, which requires companies to register and pass due diligence verifications if they want to operate in the virtual asset space.

This is in line with the anti-money laundering standards set by the Financial Action Task Force (FATF).

St Kitts and Nevis Finance minister Timothy Harris said during the bill's second and final reading in Parliament on January 23rd that the move addresses what the governor of the Eastern Caribbean Central Bank describes as a "cashless society."

Harris said that "it is vital at this juncture that we embrace the opportunity to expand our capacities for adaptation to the swiftly changing realities of the technological spheres in which we find ourselves in this 21st century."

According to the IMF, several central banks in different countries are considering implementing some form of Central Bank Digital Currency (CBDC). Uruguay has reportedly launched a CBDC pilot program already, while the Bahamas, China, Sweden and Ukraine are "on the verge" of testing their systems.

 

Subscribe to International Investment's free, twice-daily, newsletter

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • Cryptocurrencies
  • IMF
  • Caribbean
  • Crypto

More on Cryptocurrencies

Comment: Why Bitcoin needs greater regulatory scrutiny

  • Cryptocurrencies
  • 15 January 2021
FCA issues warning on cyrptocurrencies as Bitcoin volatility continues

  • Cryptocurrencies
  • 11 January 2021
DeVere's Green sells 'half of bitcoin holdings' over Christmas

  • Cryptocurrencies
  • 04 January 2021
Bitcoin hits all-time high to surge past $20,000

  • Cryptocurrencies
  • 16 December 2020
OECD to issue international crypto tax evasion standards next year

  • Cryptocurrencies
  • 04 December 2020
Back to Top

Most read

FCA issues warning on cyrptocurrencies as Bitcoin volatility continues
FCA issues warning on cyrptocurrencies as Bitcoin volatility continues
DeVere launches equity fund with Columbia Threadneedle Investments
DeVere launches equity fund with Columbia Threadneedle Investments
SharingAlpha's 2020 top rated funds by category revealed
SharingAlpha's 2020 top rated funds by category revealed
Guardian WM is reborn as Skybound WM
Guardian WM is reborn as Skybound WM
HNWIs in SE Asia cite lack of financial knowledge as greatest concern: report
HNWIs in SE Asia cite lack of financial knowledge as greatest concern: report
  • Contact Us
  • Marketing solutions
  • About Incisive Media
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017
Loading