Bitt launches blockchain-based Barbados dollar to compete with central banks

As central banks around the world work out how to issue digital currencies, a bold startup, Bitt, has launched a blockchain-based version of the Barbadian dollar, believing the new product will help it attract unbanked users.

So far, Bitt has partnered with the Caribbean Broadcasting Corporation (CBC), which is seeking to build a better financial settlement network across 15 countries in the Caribbean Community region.

Gabriel Abed, CEO of Bitt, said in an interview with reporters:

“Our goal as an organization is to build an ecosystem, and nine months ago we launched our exchange. Now we are launching the second phase - digital fiat currency. Whatever you call it, it can be used as an IOU in Barbados for fiat currency, which can be used to send or receive.”

Abed said Bitt now intends to focus on developing a network of teller machines and ATMs that will allow users to trade digital Barbadian dollars and bitcoin, allowing the startup to compete with remittance giants such as MoneyGram and Western Union.

Abed went on to point out that potential Barbadian users who support the concept are very broad, including small owners of gas stations and barber shops who want to add new services to their customers.

“These people want to sign up for a solution like this because it has never existed in Barbados. There is no e-commerce on the island, but we have 100 percent mobile phone penetration,” he said.

It is reported that Bitt, which was launched in 2015, has raised US$1.5 million in financing so far, and its team has 16 members.

Technological Development

To create its digital Barbadian dollar, Bitt used the Colored Coin protocol, which allows it to create new assets on the Bitcoin blockchain.

Simply put, Bitt's digital Barbadian dollar is anchored in value to the country's fiat currency. Abed pointed out that transactions on the digital currency network can be observed by the government and local regulators because they are all sent to Bitt wallets in a peer-to-peer manner.

In the future, Abed said, Bitt will integrate new technologies such as Blockstream’s Liquid sidechain, which helps bitcoin assets move quickly between exchanges, and BitGo’s Instant service, a tool that enables zero-confirmation transactions.

Original article: http://www.coindesk.com/bitt-launches-barbados-dollar-on-the-blockchain-calls-for-bitcoin-unity/
By Pete Rizzo
Compilation: Overnight porridge
Source (translation): Babbitt Information (http://www.8btc.com/bitt-launches-barbados-dollar)