Bitt Signs New Contract with Central Bank
Bitt, a DLT startup located in Barbados, is collaborating with the Central Bank of Curacao and Sint Maarten, CBCS, on developing and creating a new cryptocurrency supported by central banks for both countries. On the 13th of August, Bitt stated that it had just inked a new deal with the central financial institute for both Curaçao and Sint Maarten in August as a means of collaborating and research a possible distribution of virtual guilders for both nations as a means of replacing the current one.
The new team-up will partly focus on conducting tests regarding KYC protocols and Anti-Money Laundering tech as reported. Leila Matroos-Lasten, head executive of the CBCS, has stated that the institute inked the new contract with Bitt due to the company’s expertise and long-standing involvement in virtual payment methods.
Adding to her statement, the president says that the bank is adamant about tackling any complications through deep and intricate research of the most recently available technology as a means of introducing reduced fiat usage and to conduct safer AML and KYC compliance and most robust transfers between both nations. The memorandum signed by both figures indicates that the central bank does acknowledge the many benefits that may be provided by crypto-tech.
Additionally, she stated that the bank is determined and dedicated to creating and discovering new solutions in relation to international transactions and cryptocurrency payment while steadily maintaining full compliance and guaranteed safety through the new cutting-edge financial technology.
Earlier this year, prior to the news, Bitt has also inked another memorandum with the ECCB, a central bank overlooking Anguilla, Antigua, many other Caribbean countries. The new testing may be utilized as a means of introducing new cryptocurrency pay and settlement operations and should it prove a success, it may contribute to the bank’s decision in releasing a new digital coin.