Banks keen on digital

Article by ALEX DOWNES

The banking sector says it is open to the use of digital payment systems. However, before adopting any systems like Bitt’s mMoney, it wants legislation put in place to regulate that movement.

“We are exploring digital payment alternatives as commercial banks and in the fullness of time digital networks will be commonplace in Barbados,” Barbados Bankers’ Association president Donna Wellington said on Tuesday.

“Digital alternatives however must be governed by legislative and regulatory frameworks that are aligned to our new way of doing business. We are excited by the possibilities,” she added.

Wellington was speaking following Prime Minister Mia Mottley’s disclosure of a planned Barbados mMoney pilot project between Bitt, the Central Bank and the Financial Services Commission, at the BITT’2 second annual Central Bank Meets Blockchain conference at Hilton Barbados on Tuesday. This project would see Government providing a network for digital payments for Barbadians, the first of its kind for the Caribbean. (AD)

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