Eastern Caribbean Central Bank, Crypto Firm Bitt Partner To Pilot Central Bank Digital Currency

Bitt, the crypto portfolio company of Overstock subsidiary Medici Ventures, has collaborated with the Eastern Caribbean Central Bank (ECCB) to pilot a central bank digital currency (CBDC).

Bitt and the ECCB will pilot a securely minted and issued digital version of the Eastern Caribbean dollar, which facilitates peer-to-peer transactions between merchants and consumers using smartphone applications, improving avenues for doing business in the Caribbean.

“Our mission is the practical application of blockchain technology to solve persistent financial problems,” said Rawdon Adams, CEO of Bitt. “It is about a successful currency union in the Eastern Caribbean building on its impressive record of financial stability, development and integration to deliver a quantum improvement to the lives of all its 630,000 citizens. Enhancing economic growth and the quality of life of ordinary people is the goal.”

The digital EC dollars will be distributed and utilized by financial institutions across the Eastern Caribbean Currency Union’s (ECCU) member countries on a phased basis. The objective is to promote greater financial sector stability, facilitate balanced growth in the Caribbean, and reduce the amount of cash usage within the ECCU.

“Bitt’s integration with the Eastern Caribbean Central Bank is another step toward advancing blockchain technology in a meaningful way,” said Jonathan Johnson, president of Medici Ventures. “Bitt is significantly improving the payments space by utilizing blockchain technology to provide banking options to countries with large portions of their populations unbanked.”