Bitcoin to Shift Focus towards the Caribbean Sector

Affluent countries have already started accepting the advanced technology that led to the advent
of Bitcoin Payments. However, the small regions that are deprived of even the most basic
banking facilities are yet to understand the benefits of this technology. Caribbean is one such
region.
The recent studies have revealed that more than half the population of Caribbean has refrained
from using the banking services. Although many reasons have been attributed for this alarming
trend, the most obvious reason is the lack of fundamental banking infrastructure. Some people
are also said to have little faith in the banks practices and their corruption during tough
economical times.
Oliver Gale, CEO and Co-Founder of Bitcoin Exchange, BITT, in Caribbean has strong faith in
this new system while calling the existing ones as outdated and traditional. Gabriel Abed, BITTs
CFO and Co-founder also agree that their company will play a pivotal role in reshaping the
banking sector in Caribbean. He further adds that even though they are catering to the
international markets, their main attention lies in strengthening the core services offered to the
Caribbean citizens in the form of digital wallets, e-commerce, international remittance etc.
In a meeting organized by Economic Commission of Latin America and Caribbean, UN-led
organization that is responsible for designing financial policies for these regions, Abed and Gale
were able to understand the insight of regulators in shaping a reliable banking support system for
the Caribbean populace. ECLAC also brought forth the raging issue of costly remittance market
that gives BITT another potential area to introduce Bitcoin as a trustworthy and low cost method
of digital payment.
Many experts have readily agreed that Bitcoins offer a one stop shop solution to all those regions
of the globe that have indigent banking solutions. It can be very helpful in maintaining wealth and
a low cost alternative for moving large amounts of money across the world without incurring large
sums in bank commissions. ECLAC and organizations of similar nature understand how Bitcoin
can change the way money is handled globally and offer much greater transparency to the
transactions. This technology is being geared for implementation at a national level by many
countries.
While Bitcoin is being propagated as the next big financial solution, there have been certain
challenges that have led to a sluggish growth of this concept and great acceptance so far.
Absence of e-commerce framework by legislating authorities, uncooperative local banks and
obsolete technology so far have been the biggest roadblocks its progress.
BITT has been scheduled to begin operations from the 30 th of March. In its initial phases, the
company will work towards insinuating the government to take greater measures for the
regulation of digital currency. However, there are still too many hurdles that need to be crossed
for Bitcoin to be accepted by the unbanked society as a suitable form of money. The core
objective of Bitcoin is to make reliable banking accessible to the remotest regions of the world.