Barbados' Chance To Lead In DLT Innovation Is Now

The Caribbean is progressively being embraced by a host of new digital and financial technologies, including distributed ledger technology (DLT) and cryptocurrency related businesses.

The rate at which the various island states are embracing FinTech varies. However, many small jurisdictions and their governments are sitting on what could be classified as a hotbed of opportunity.

Weighing up the advantages and the risks of adopting and regulating DLT is Barbados. Barbados is already home to Bitt Inc., one of the first and most secure international exchange and wallet operations. In 2016, Bitt created a digital Barbadian dollar, a virtual currency pegged to the value of its real-world counterpart. Today, Bitt is working with 12 regional governments to develop a pan-Caribbean settlement network. These developments come at an opportune time given the current trend of de-risking in the region.