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Central Bank of Barbados on Track to Launch Digitized Dollar

  • During the 2018 Concordia Annual Summit in New York, Bitt’s co-founder Gabriel Abed revealed that Barbados is to digitize its national crypto the Barbadian Dollar (BBD)

Cover image via U.Today

During the 2018 Concordia Annual Summit, which at the time of writing this article is taking place in New York, Bitt’s co-founder Gabriel Abed revealed that Barbados is planning to digitize its national currency the Barbadian Dollar (BBD), CoinDesk’s Anna Baydakova broke the news. The new digital currency to be backed by the country reserves 1:1.

The move has to be approved by the Central Bank of Barbados along with the country’s government and Financial Services Commission.  

On Sept. 19, Barbados’s Prime Minister Mia Mottley also made an announcement about working on a new government-backed digital payment network in cooperation with Bitt.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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