Bitcoin startups Bitt created based on blockchain analogue Barbadian dollar

One of the most prominent representatives of the Caribbean region in the Bitcoin industry Bitt startup announced a version of the Barbadian dollar, based on blockchain. The corresponding statement was made in the course of the conference early in the week Financial Cryptography and Data Security 2016.

According to representatives of Bitt, the new product will be able to gain popularity among the members of this small island nation, who do not have access to traditional banking services. A more ambitious goal start-up is to build a financial network for the fifteen states of CARICOM region.

"The purpose of the organization is to build the ecosystem. Nine months ago, we launched our bitcoin exchange. Now we have moved to the second stage and created a digital fiat dollar. It can be called whatever you like, but in fact, it is digitized Barbados dollar, which can send and receive as ordinary bank money "- said in an interview with the executive director CoinDesk Bitt Gabriel Abed.

The company is planning the launch of the ATM network, which will allow exchanging digital dollars on a "hard" currency. It is also planned to release a mobile application that allows startup comply aimed at client identification and anti-money laundering.

Gabriel Abed believes that digital dollar will get more popular in Barbados, especially among small business owners who will want to offer their customers a new service.

"There are many people who want to participate in it, because such a decision did not exist before. The island has no e-commerce, however, is 100 percent mobile coverage, "- said Abed.

To create a digital dollar developers Bitt used Colored Coins protocol, allowing user to create new assets. Thus, the proposed version of the Barbados dollar is considered as digital assets, and its nominal value is set at a ratio of 1: 1 to the national currency.

Transactions carried out between the network developed by startup purses and can be monitored by the government and local regulators.

In November 2015, two leading economists recommended that the Government of Barbados to transfer part of the country's foreign exchange reserves in bitcoin.