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Prime Minister Mottley Talks Digital @BITT Conference

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Today’s speech by Prime Minister Mia Mottley at the Bitt Conference is one that we would never have heard under the former government. The disruptive explosion of Fintechs across the globe is well documented – the race to transform Barbados from an analogue to digital space finds Barbados playing catchup.

Many will criticize the prime minister for daring to assume risk by integrating emerging technology into the way we do business in Barbados. The blogmaster commends her leadership to digitally transform Barbados. The reality is that we have to or continue to slide to the bottom of the pile on the indices which log competitiveness.  It is noteworthy that in the sub region the Eastern Caribbean Central Bank (ECCB) has rolled out a blockchain pilot with Bitt Inc.

 

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424 responses to “Prime Minister Mottley Talks Digital @BITT Conference”

  1. peterlawrencethompson Avatar
    peterlawrencethompson

    Bush Tea September 21, 2018 9:57 AM
    “Secondly, you are an unusually intelligent man…. shiite – you even recognised that HC is a shiite place… from small…”
    +++++++++++++++
    Thanks for the complement Bushie, but intelligence is not a moral accomplishment, just a matter of genetic luck.

    I’d be much more flattered if you thought I was an unusually kind man.

  2. NO PLAN MAM Avatar
    NO PLAN MAM

    The GoB debt holders expected a logical approach by the GoB in lending their money.
    The GoB does not have cash but it has assets, so it could pay
    The GoB has unproductive public servants that it does not need to be paying
    The GoB has amounts receivable that it could be collecting
    The GoB is aware of its revenue leakages that it could be plugging
    The easy move to deprive the debt holders of their income is not required… it is political – you financed the DLP so you got to pay

  3. WARU Avatar
    WARU

    The info speaks for itself..if large cities are poor and cannot afford the best Programmers/IT specialists/Internet Security experts..imagine a tiny company on a tiny island..

    “Basically, these guys have these towns by the balls,” Tobok says, adding that small towns (and even large cities) are cash-poor, to begin with, and most simply don’t have the budget to hire the best-of-the best IT workers to safeguard computer systems. He also estimates about 70 per cent of ransomware attacks originate in Russia, and advises his clients not to pay ransom — if they have the appropriate systemic back-ups to weather an attack. Alas, most do pay, because 95 per cent of them lack in adequate back-ups. (Tobok’s largest pay-out for a private client was $800,000 in Bitcoin.”

  4. Mariposa Avatar
    Mariposa

    Criminality at the highest order expecting pensioners and bo d holders to pay off barbados debt owed to fat cat financial institutions
    Plus also added the additional burden of having to pay all the local taxes on every dam thing

  5. Bush Tea Avatar
    Bush Tea

    @ PLT
    Bushie wasn’t trying to flatter you… just trying to understand your support of mMoney.
    But you explained it well…
    …The fact that the platform allows a much wider penetration for those who can transact business as MERCHANTS because of its use of the smart phone….. GREAT…

    But you MUST also know that the banks will immediately adopt that same smart phone technology (and the competitive pricing) once the business becomes worthwhile…. then they will squeeze Bitt like putty…

    Technology has now passed the stage where it can be used to provide ANY kind of long term business advantage.
    The competitive challenges now are in the areas of culture leadership and in creating visionary dreams. (one of the reasons why brass bowls get downgraded…)

    Can you imaging what someone would pay ….to live in an ACTUAL paradise for two weeks?
    Name a spot on Earth where (with the right culture and vision,) such a place can be conceptualised
    …and sold as a once-in-a-lifetime-experience….
    …exclusively to those who would HIGHLY value such a unique experience – is a world of increasing jobby….

    One guess….

  6. NO PLAN MAM Avatar
    NO PLAN MAM

    Debt Exchange Forum
    September 24 -29
    9 am to 4 pm daily
    Barbados Central Bank

    for … other than institutional holders that have separately received individual offers…

    http://www.centralbank.org.bb/news/article/9425/debt-exchange-forum

  7. peterlawrencethompson Avatar
    peterlawrencethompson

    @Bush Tea September 21, 2018 2:19 PM
    “… then they will squeeze Bitt like putty…”
    ++++++++++
    whatever

  8. NO PLAN MAM Avatar
    NO PLAN MAM

    When people talk of encouraging the wrath of God as in Sodom and Gomorrah, we often expect something unusual and dramatic. What could we have done to deserve the current administration immediately after the last one.

  9. nineofnine Avatar
    nineofnine

    Central Bank will act as an “insurance policy” for Bitt business. Bitt as a “payment platform” acts also as an “Exchange” by offering the facility to buy Bitcoin, presumably, they may have the franchise to introduce Bitcoin to the Caribbean, being so, that is an “ahead of the curve” move in this new Digital Age and financial shift.

    I believe that Nakamotos’ intent for Crypto was to introduce an alternate financial system that is decentralized for the current fiat system, still….. though we have a controlling Government system, they will exert their powers to frustrate and countermove such an intent and incorporate control of Crypto.

    Despite the bearish conditions of crypto, when one looks at the development and foundation being built across the financial and business space as well as in star-ups, acquisitions and investments, be sure that the movers and shakers know that the future will be about Crypto, blockchains and payment platform.

    It is time that the negative mindset towards any financial shift be put aside. If one has any reservations, recluse oneself and return sometime in the future and make another assessment. Your opinion could also rob another, subtly.

    Some say that Bitt is a scheme to rob persons via front or backend engineering or “coding”. Also some say that the balance displayed in your wallet “may not” reflect a true and tangible/”virtual” amount. Will one say that, as it pertains to other known similar systems of financial constructs? To move a transaction forward or backward can only be done ONCE YOU HAVE AN AMOUNT EQUAL TO OR LARGER THAN the amount within the wallet. The algorithms will determine that, plus the use of a monitoring API …. you have a right of recourse should their any suspect of discrepancy.

    Then there is the BLOCKCHAIN, a stream of data that is broken down to a smaller block known as DIGESTS.. These Digest are then “verified” by a blockchain algorithm to the previous block to create a match. ONLY THEN can a block be added to the Block chain, this is done by “miners” who are compensated by Crypto assets for their work.
    Here is where “possible hacks” CAN take place, amongst “Miners” who add duplicate entries and export gains to “fictitious wallets” … THIS IS WHY IT IS SO NECESSARY TO BUILD A SECOND TIER security level on top of blockchain activity.

    In saying all that, a pilot get the feel of the environment, its the first rung at the bottom of the steps. Bitt is a stepping stone to greater things financially IF ACCEPTED.

    The next move is to invite leading EXHANGES/CRYPTOFOUNDATIONS to set up here, with these come the leading, tradable Cryptocurrencies that has MarketCaps in the 1000s Bill. collectively….
    The spinoffs from this move can secure resident Startup Industries in Health and Digital Health Education, Digital Robotics and engineering, Genome Engineering, Space and Aeronautics, 3D printing etc. of which will become income generation across the board .. a HUB if you please.

    What Barbados need to do at this time is not reinvent the wheel, but create opportunities for the major leading industries worldwide to set a footprint on this little rock and use it as a springboard for development and wider reach. Not in terms as offering cheap labor, NO but because logistical advantages, and infrastructure under relatively efficient and comfortable regulated conditions.

  10. nineofnine Avatar
    nineofnine

    Central Bank will act as an “insurance policy” for Bitt business. Bitt as a “payment platform” acts also as an “Exchange” by offering the facility to buy Bitcoin, presumably, they may have the franchise to introduce Bitcoin to the Caribbean, being so, that is an “ahead of the curve” move in this new Digital Age and financial shift.

    I believe that Nakamotos’ intent for Crypto was to introduce an alternate financial system that is decentralized for the current fiat system, still….. though we have a controlling Government system, they will exert their powers to frustrate and countermove such an intent and incorporate control of Crypto.

    Despite the bearish conditions of crypto, when one looks at the development and foundation being built across the financial and business space as well as in star-ups, acquisitions and investments, be sure that the movers and shakers know that the future will be about Crypto, blockchains and payment platform.

    It is time that the negative mindset towards any financial shift be put aside. If one has any reservations, recluse oneself and return sometime in the future and make another assessment. Your opinion could also rob another, subtly.

  11. nineofnine Avatar
    nineofnine

    Some say that Bitt is a scheme to rob persons via front or backend engineering or “coding”. Also some say that the balance displayed in your wallet “may not” reflect a true and tangible/”virtual” amount. Will one say that, as it pertains to other known similar systems of financial constructs? To move a transaction forward or backward can only be done ONCE YOU HAVE AN AMOUNT EQUAL TO OR LARGER THAN the amount within the wallet. The algorithms will determine that, plus the use of a monitoring API …. you have a right of recourse should their any suspect of discrepancy.

    Then there is the BLOCKCHAIN, a stream of data that is broken down to a smaller block known as DIGESTS.. These Digest are then “verified” by a blockchain algorithm to the previous block to create a match. ONLY THEN can a block be added to the Block chain, this is done by “miners” who are compensated by Crypto assets for their work.
    Here is where “possible hacks” CAN take place, amongst “Miners” who add duplicate entries and export gains to “fictitious wallets” … THIS IS WHY IT IS SO NECESSARY TO BUILD A SECOND TIER security level on top of blockchain activity.

    In saying all that, a pilot get the feel of the environment, its the first rung at the bottom of the steps. Bitt is a stepping stone to greater things financially IF ACCEPTED.

    The next move is to invite leading EXHANGES/CRYPTOFOUNDATIONS to set up here, with these come the leading, tradable Cryptocurrencies that has MarketCaps in the 1000s Bill. collectively….
    The spinoffs from this move can secure resident Startup Industries in Health and Digital Health Education, Digital Robotics and engineering, Genome Engineering, Space and Aeronautics, 3D printing etc. of which will become income generation across the board .. a HUB if you please.

    What Barbados need to do at this time is not reinvent the wheel, but create opportunities for the major leading industries worldwide to set a footprint on this little rock and use it as a springboard for development and wider reach. Not in terms as offering cheap labor, NO but because logistical advantages, and infrastructure under relatively efficient and comfortable regulated conditions.

  12. NO PLAN MAM Avatar
    NO PLAN MAM

    @nineofnine September 21, 2018 3:02 PM
    @ If one has any reservations, recluse oneself and return sometime in the future and make another assessment. Your opinion could also rob another, subtly.

    The empress is naked…

  13. WARU Avatar
    WARU

    “The algorithms will determine that, plus the use of a monitoring API …. you have a right of recourse should their any suspect of discrepancy.”

    ya can’t get police in Barbados to lock up corrupt ministers, lawyers or minorities who they all know are criminals…so just what recourse will those robbed by these financial services that lack even basic security have??

    “The spinoffs from this move can secure resident Startup Industries in Health and Digital Health Education, Digital Robotics and engineering, Genome Engineering, Space and Aeronautics, 3D printing etc. of which will become income generation across the board .. a HUB if you please.”

    The schools… from primary, to high to UWI..should already have stepping stones for these disciplines, should have had them in place for the last 25 years,, if the ministry of education and the clowns who mismanage it were not still so damn backward and destructive.

  14. Georgie Porgie Avatar
    Georgie Porgie

    RE The empress is naked…
    NOT A PLEASANT SIGHT AT ALL WITH ALL THAT ADIPOSE TISSUE! MURDAH!
    PLEASE KINDLY CLOTHE THE EMPRESS!

  15. NO PLAN MAM Avatar
    NO PLAN MAM

    Of crypto BS, crypto toilets and crypto sewers… ordinary Bajans do not have a chance – the Dees had theirs and the Bees have theirs – who fah we in 23? Hopefully the Anunnaki will return tonight

  16. nineofnine Avatar
    nineofnine

    NO PLAN MAM September 21, 2018 3:17 PM

    “…The empress is naked…”

    That is your opinion, rather belief.. as it has become repetitive without explanation.
    Notably, what the “Empress” is displaying is far from being naked. Allow an explanation if you please.

    Under her “leadership”, Barbados was clothed in red at the outcome of elections. She got “naked” when she disclosed the full ramifications of the status of Barbados financially, exposing the atrocities prior and leading up to that election.

    She redonned her apparel to meet the general public in inclusion of decision making, in establishing a way forward, to regain a measure of trust by meeting critical missions, refused to hide from addressing the social partners and business sector, addressing concerns and providing solutions all in a relatively short time.
    Now compare that to the last Dapper Administration and turn your eyes inside out for a better perspective.

  17. WARU Avatar
    WARU

    “She redonned her apparel to meet the general public in inclusion of decision making, in establishing a way forward, to regain a measure of trust by meeting critical missions, refused to hide from addressing the social partners and business sector, addressing concerns and providing solutions all in a relatively short time.”

    It’s not like Mia had much choice, she ASKED for the job…the PEOPLE hired her..she is not doing anyone any favors here…she is supposed to be doing HER JOB.

    cut out the yardfowl crap and make sure she gets on with it.

  18. nineofnine Avatar
    nineofnine

    @ Waru

    The construct of the Police Force and the Laws that govern it still operates as it was designed to operate from Plantocracy time… Change will come about when there is a full and complete overhaul of that outdated system and it be designed for the 21st Century to include policing of ALL ethnicities and white collar crime.

    @ NPM

    You have 4 years minimum wait, at least you have determined which side of the fence you stand with a cry out of the wilderness.
    You always had the Annunaki within you, whether active or dormant. The thing is, Light is very offensive to that breed, however you choose to define it.

  19. WARU Avatar
    WARU

    “The construct of the Police Force and the Laws that govern it still operates as it was designed to operate from Plantocracy time… Change will come about when there is a full and complete overhaul of that outdated system and it be designed for the 21st Century to include policing of ALL ethnicities and white collar crime.”

    I fully expect to see. this CHANGE in the next 3 months…longer than it took to amend the Constitution in June.

  20. NO PLAN MAM Avatar
    NO PLAN MAM

    How about this

    Convert the current system to 100% electronic payments based on the CURRENT debit card technology. This technology is tested, the infrastructure is in place and I see mobile card processing machines at the gas stations.

    Hard code into the system the payment of all GoB revenues at the legal rates at the time of the transaction – so that VAT, import duties, income taxes and so on are transferred to the GoB account at the time of the transaction.

    Imagine that – all VAT being collected, all professionals and self-employed paying their share of income taxes and NIS contributions – all businesses paying import duties.

    Imagine the impact on money-related crime.

    The commercial banks would be happy to facilitate this – they dream about it. The GoB would simply regulate.

  21. nineofnine Avatar
    nineofnine

    NPM

    Please define.. mobile card

  22. NO PLAN MAM Avatar
    NO PLAN MAM

    Just one shortcoming… the taxpayers would not have to pay to make new millionaires.

  23. NO PLAN MAM Avatar
    NO PLAN MAM

    mobile card-processing machines or mobile (card processing) machines

  24. nineofnine Avatar
    nineofnine

    Are you suggesting the creation of a card to pay all bills via the Carif system? Are you aware the amount of personal and other data that must be shared to accommodate this… yes it is feasible, envisioning it, one would spend a lengthy time at such machines in pulling up the necessary channels.

  25. NO PLAN MAM Avatar
    NO PLAN MAM

    I am not suggesting the creation of a “new” card. I am suggesting that the current bank debit card system be made compulsory for “cash” payments. Those who do not presently have a bank account or debit card would have to open an account at a bank of their choice and be issued with a card for the account. All payments would be transferred to a person’s bank account and all payments would be made using the person’s debit card.

  26. nineofnine Avatar
    nineofnine

    Waru,

    What yardfowlism what? Ya got to give Jack/ Mia da jacket.

    See, when you are neither for B or D, it determines which “position/quadrant” you hoover over or under. you have at least 4 years in wait with that cry out in the wilderness.
    Why expect the Annunaki to return tonight when it has been resident within whether dormant or active, mind you, Light is very distressful to that breed.

  27. WARU Avatar
    WARU

    What jacket what…for doing her job.

    Check back with me when I see some real changes..yall are cheap Hos

  28. NO PLAN MAM Avatar
    NO PLAN MAM

    Like the Panama papers, perhaps we will see the Barbados reserves decline papers in the future

  29. nineofnine Avatar
    nineofnine

    NPM

    That sound like a Banker’s mindset, forgive me, It also sounds like its headed in the direction of a cashless society.
    Maybe, advocating for these Government departments to have the facilities may be better, ..for instance, one goes to the port to collect their goods, its only there that a determination of duties and taxes can be assessed. now having a “ATM” and a “debit Card” at the location, then the relevant payment can be made bypassing any attempt to defraud. One cannot do that at a gas station.

    In the case of Vat, Income tax etc., other inputs must be made along with the corresponding payment.

    It cannot be made compulsory, the only compulsory prerequisite is to have a virtual platform to make virtual payments, and as the society is currently, many like to hear jingles and ruffles in their pockets. Got to be a matter of choice…. until

  30. NO PLAN MAM Avatar
    NO PLAN MAM

    @nineofnine September 21, 2018 5:08 PM

    “…I see mobile card-processing machines at the gas stations…” simply infers that mobile machines are already available for distribution and use by street vendors, etc.

  31. nineofnine Avatar
    nineofnine

    A war was never fought over a mathematical equation, war is a sick mindset, it is deceptive regardless of it pretentious “usefulness”.
    Always a price to pay, here or yonder.
    Sadly, when change comes, many will not be found, though they are searched out.

  32. WARU Avatar
    WARU

    All that babble…yall are the ones being paid by taxpayers to IMPLEMENT and ENFORCE changes.

  33. NO PLAN MAM Avatar
    NO PLAN MAM

    @nineofnine September 21, 2018 5:08 PM
    @and as the society is currently, many like to hear jingles and ruffles in their pockets. Got to be a matter of choice…. until

    You mean the powers that be and their associates require loopholes within which they may operate while the ordinary Bajan is made to pay.

  34. T.Inniss Avatar
    T.Inniss

    G.P @ 3:27 p.m.

    G.P. G.P. lorddie G.P. LOLLLLLL

    I think you need to say the lord’s prayer 5 times before you go to bed tonight.Imagine painting that picture.

  35. nineofnine Avatar
    nineofnine

    Please expose the loopholes

  36. David Avatar
    David

    Reading some of the comments on this blog one cannot help but be overwhelmed by the ignorance on display.

  37. Hal Austin Avatar
    Hal Austin

    Oh David, you lead the pack when it comes to ignorance. I humbly suggest you chair the blog impartially, and make your contributions anonymously. In that way the objectivity of the blog will be maintained.

  38. TheOgazerts Avatar
    TheOgazerts

    In the excitement over the ousting of the DLP many forgot that the BLP is a part of the duopoly, Many comforted themselves that ‘a new broom sweep clean’ and forgot that this new broom has been sweeping from 1966.

    Recall the story of the animal taking the snake across the river and was bitten in midstream. When asked why he bit the animal, the snake replied “That is my nature”

    These blips are the nature of the BLP beast. Over 50 years of conditioning.

  39. TheOgazerts Avatar
    TheOgazerts

    Still above my paygrade, but my only interest is what Overstock is getting out of this,
    Does Barbados has a pocket of IT which Overstock wants?

    Suspect Mia is going to make a killing.

  40. NorthernObserver Avatar
    NorthernObserver

    @NPM
    what I am saying is the writing was ‘pun de wall for nuff years’. Investors had choices. Since you were not referring to Clico nor British American, neither was I. The collateral of sovereign debt is the ability of a nation to tax its citizens. How much more tax do you think the economy can take? and how much can be collected?
    The chances of being alternately compensated at this stage, are zero. That is unless you would like to employ 3 existing employees who draw a public salary, for which you’ll get an unspecified IOU. Possibly a draw for licenses to sell cannabis post legalization.

  41. David Avatar
    David

    @Bush Tea

    Enuff has you covered. When you are position is exposed you wriggle…lol.

    This article might help you to understand why FIs need Fintechs in a todays world.

    https://www.forbes.com/sites/michalgromek/2018/07/19/why-banks-and-fintech-need-each-other-and-for-how-long/#7ae2c30d1345

  42. nineofnine Avatar
    nineofnine

    Lots of speculating and distraction going around, amusing as it is, most of all, some still paint the new with the same old brush,
    Should a master like Piece become Prime Minister, you think that he would get the same abuse?… it is well known that mindsets are hard to change until there is a rude awakening.

    Overstock is a merchandiser, Bitt is a payment platform, what one should monitor is Overstock marketing promotions throughout the Caribbean and Latin America to expand their business.

  43. NO PLAN MAM Avatar
    NO PLAN MAM

    @NorthernObserver September 21, 2018 7:11 PM
    @The chances of being alternately compensated at this stage, are zero.

    That is because there is no will and not because there is no way – try this
    – Ask the debt holders for a more reasonable contribution – minimum 5% rate for rates > 5%
    – UWI students continue to contribute to their fees
    – Legislate the reduction in public servants pay by a rate consistent with their productivity
    – Legislate if necessary the means of collecting taxes of all types or the debtors’ property
    – Reduce the cabinet by 50%
    – Stop paying so many super consultants
    – Do away with the excessive German vehicles
    – Properly investigate goods that cleared the port without paying full duties and collect the duties
    – Properly investigate the sudden decline in the reserves and reclaim as appropriate – ask the FBI for assistance if necessary
    – Properly investigate all sales of GoB assets below fair value and recover as appropriate
    – Securitize GoB assets as necessary to raise needed funds and in the process bring idle assets into production as investors organise to make the assets work
    – Hopefully you are getting the picture – if you fight for a job, try to do it properly at a minimum

  44. NO PLAN MAM Avatar
    NO PLAN MAM

    Of Overstock and Bitt
    https://bitcoinmagazine.com/articles/overstock-ups-investment-bitt-furthering-digital-currency-issuance-central-banks/

  45. NO PLAN MAM Avatar
    NO PLAN MAM

    Regardless of the perceived benefits, a country’s development should progress with the development of its people. The alternative is to sell out the country’s potential to outsiders (for the benefit of a few insiders) from under its people.

  46. NO PLAN MAM Avatar
    NO PLAN MAM

    Resume of selected projects
    … Paradise Beach Limited
    … Hardwood Housing Factory Inc
    … HMP at Dodds

  47. nineofnine Avatar
    nineofnine

    – Ask the debt holders for a more reasonable contribution – minimum 5% rate for rates > 5% …. FAIR
    – UWI students continue to contribute to their fees.. NOT ALLOWED, youth must be enfranchised .
    – Legislate the reduction in public servants pay by a rate consistent with their productivity.. NO, no increase in 5 years
    – Legislate if necessary the means of collecting taxes of all types or the debtors’ property. .ALREADY LEGISLATED
    – Reduce the cabinet by 50% .. MANY HAND MAKE LIGHT WORK, the work load for recovery is enormous.
    – Stop paying so many super consultants.. FAIR, referendums for guidance.
    – Do away with the excessive German vehicles… ABSOLUTELY
    – Properly investigate goods that cleared the port without paying full duties and collect the duties.. ABSOLUTELY
    – Properly investigate the sudden decline in the reserves and reclaim as appropriate – ask the FBI for assistance if necessary… AS IT PERTAINS TO GOVERNMENT HOLDINGS.
    – Properly investigate all sales of GoB assets below fair value and recover as appropriate.. ABSOLUTELY
    – Securitize GoB assets as necessary to raise needed funds and in the process bring idle assets into production as investors organize to make the assets work.. THE WEIGHT OF BRINGING IDLE ASSETS INTO PRODUCTION is the work of the investor who has the funds to invest and develop.

    Grading was done according to the effect it will have on the people of the country, who CANNOT BE HELD RESPONSIBLE or accountable and meant to pay for the malfeasance of a small group of financial leaches.

    The crafty created system where the people of a nation is categorized and included as Corporations and are used and taxed is an illegal system designed to exploit. The initial framework of taxation was designed for legitimate Corporations. The root cause of the predicament must be visited and addressed, much of the said forex have taken flight by the same legitimate Corporations, those too must be visited.

  48. David Avatar
    David

    What about earning foreign exchange?

  49. NO PLAN MAM Avatar
    NO PLAN MAM

    What about saving foreign exchange?

    Money in the hands of investors has little impact on the foreign currency reserves

    Excess unearned money in the hands of unproductive public servants surely impacts the foreign currency reserves

  50. nineofnine Avatar
    nineofnine

    Resume of selected projects
    … Paradise Beach Limited… WHO HOLDS THE LEGITMATE AND ORIGINAL DEEDS? … resolve this first.
    … Hardwood Housing Factory Inc … WHO BENEFITS?
    … HMP at Dodds.. PRISONS ARE BIG BUSINESS.. Strange this is included, really now, why this? please explain.

    It is striking that these calls are reflecting a peculiar balance of scales. In this timeline, this is not and will not be the same old, same old, somewhere recently there was a stunning statement made that protection will come to those who cannot protect themselves.

The blogmaster invites you to join the discussion.

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