June 24, 2019
Bitt Inc., a Barbados-based fintech, said that the Bank of the Republic of Haiti is considering a pilot program to test a blockchain-based digital currency.
Bitt officials said they made a presentation to Haitian officials last month regarding a possible pilot plan to create a digital version of the Haitian Gourde, part of an effort to improve the country's payments system and promote financial inclusion.
Bitt CEO Rawdon Adams said that more than $3 billion is remitted to Haiti, representing more than 30% of the country's gross domestic product.
"World Bank data indicates that the fees paid on those remittances can be as much as 19%," he said in the release. "Every 1% reduction in those costs is over $30 million a year more in the pockets of those who need it most."
He said that Haiti would be able to leverage the company's solutions, noting that while 32% of Haitain people are banked, about 64% have mobile phones.
"A central bank digital currency would connect existing fragmented, closed loop financial services offerings in the country," Adams said in the release. "Mobile wallets and licensed financial institutions would be able to interoperate, innovate and compete more effectively."
Topics: Bitcoin, Mobile Payments, Region: Americas, Transaction Processing
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