The Caribbean Bitcoin Exchange, Bitt to Provide Cost-Effective Payment Solutions to the Region

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The Caribbean Bitcoin Exchange, Bitt to Provide Cost-Effective Payment Solutions to the Region

In an announcement, Bitt, the Caribbean’s first Bitcoin exchange company, says that it is looking to provide more efficient and cost-effective payment solutions to the region’s locals as a part of its ambitious presence. Nonetheless, the region has not just huge demand for such services but also huge prospects for a reliable Bitcoin exchange that can facilitate virtual currency.

Bitt says that it has been able to deliver the services after spending more than two years in the development of the Bitcoin solution that includes a mobile digital wallet, international remittances services and e-commerce merchant solutions. The services will officially be launched on March 30; once, launched these will be available for average Caribbean residents.

Talking to media professionals Gabriel Abed says that his Bitcoin exchange is riding a technology wave with finance that is cutting costs, making it faster, cheaper, and possible for people outside of the banking systems to control their money using their mobile phones. Thus, he shows his confidence and trust in the Bitcoin ecosystem in the country.

Nevertheless, this Bitcoin exchange also informs that currently, it runs under beta version; however, it is looking to challenge traditional money transmitters and payment solutions services. The company is going to do this by enabling anyone around the world to start accepting Bitcoin, and most particularly locals in the Caribbean region.

Moreover, as there are more than 60% of unbanked or under-banked people in the region, Bitcoin can play vital role in the entire development. However, a major issue is of regulation as without the apt regulation, the wrongdoings of some of the companies and other characters involved, a lot of users are feeling disappointed.

The Meeting Held at ECLAC’s sub-regional headquarters for the Caribbean

To boost the presence of the digital currency in the region, the Economic Commission for Latin America and the Caribbean (ECLAC) hosted a meeting at ECLAC’s sub-regional headquarters for the Caribbean. The gathered people reviewed the opportunities and risks associated with digital currencies. The event was held on March 12.

A lot of deliberations took place regarding Bitcoin, Bitcoin exchanges, Bitcoin regulation, etc. during the meetings. For instance, representatives from regional Central Banks and other government agencies, as well as representatives from the digital currency industry talked about developing a legal framework for digital currencies and related technologies for greater good.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com