Startupik

The Central Bank of Curacao and Sint Maarten also known as CBCS has recently announced that they have come to agreement over partnership with a block chain technology firm named Bitt. This partnership is made with purpose of exploring the issuance of a digital currency, not only for Curacao but for Sint Maarten island nation as well. This means a huge scope and a brighter future for both Bitt and cryptocurrency world.

What Bitt people say about this partnership?

Chief executive of Bitt, Mr Rawdon Adams has expressed his startup position in this deal with the follownin statement:  “A central bank issued digital currency, which can be used on mobile wallets, facilitates secure and frictionless financial transactions and payments, using a mobile phone/tablet, within each jurisdiction and across jurisdictions in the monetary union. This solution is particularly powerful in the case of cross-border transactions, which can take days even within a monetary union, and the cost of which is only increasing.”

Partnership from CBCS point of view

On the other hand we have the partner of Bitt, a lady named Leila Matroos-Lasten who is the current president of CBCS. She released a statement as well which in it she described this deal like this:  “The CBCS herewith recognizes the transformative potential of innovation and technology and is committed to exploring solutions regarding efficiency of cross-jurisdictional transactions and digital payments whilst ensuring compliance and security assurances obtained by these state of the art (fintech) solutions. This would be beneficial to everyone.”

What this deal means for the whole business?

Bitt alone is a startup and we can’t expect them to thrive in finance market and make a radical impact by themselves but with CBCS on their side, we may see a huge progress on the legal side of cryptocurrency. So this deal may be the first of many other deals between banks and cryptocurrency startups such as Bitt that can change the market toward digital currencies more than ever.