More Information Needed About Government’s Partnership with Bitt Inc

Since the announcement by Prime Minister Mia Mottley announcing the launch of a pilot project with FinTech company Bitt Inc,  there has been a growing concern among the savvy segment of the population about the project.

There is the Heraclitus cliché that ‘the only thing that is constant is change‘. Commonsense therefore informs a view that technology will continue to be used by humankind to interact with the ecosystem for as long as we exist. The challenge however for Barbados is effectively managing the timing of the adoption of new technologies to optimally support efforts to maintain a quality of life for Barbadians.

The blogmaster holds no brief for government’s arrangement with Bitt Inc. Often times provocative positions taken by the blogmaster to canvas and ferret information on topical issues – especially those where there is heavy fog – is misunderstood. It is a hazard of what we do and have no issues with it.

Subject matter experts in the IT field endorse the disruptive impact the use of technology driven solutions will continue to have on the the central bank controlled fiat system.  A system that is tired and has been manipulated to the point of minus-utility in the opinion of the blogmaster.

What are a few key concerns about the project?

  1. lack of a legislative environment to safeguard the integrity of the market
  2. security issues
  3. SMEs say Barbados need mobile/online payment solutions, not a digital currency
  4. Bitt Inc does not have a robust IT/governance platform to certify with best in class FIs to be a disruptor
  5. Barbados is an immature cybersecurity space operating without a ‘sanctioned’ roadmap’

Several commenters continue to conflate the issues while responding to the Bitt Inc Barbados government pilot partnership.  The pilot arrangement which promotes a digital currency should not be confused with other concerns about cryptocurrency, Bitcoin and Blockchain technology for example. Clearly there is a need for public education. There is also a responsibility for individuals to educate themselves about the important issues.

In the public interest Barbados Underground reblogs the following LinkedIn article by Niel Harper, a Barbados Consultant qualified in the area of Internet Security and whose expertise is sought after internationally.

 

Why Bitcoin Will Not Solve the Caribbean’s Financial Inclusion Woes

The article was shared by Niel Harper, Managing Director, Octave Consulting | Program Lead, Internet Society | VP, TEN Habitat | WEF Young Global Leader What is Bitcoin? Is it electronic money? There’s a deluge of hype around Bitcoin and blockchain technologies right now, and policymakers and regulators in the Caribbean are doing their best to wrap their heads around

Read more

 

265 comments

  • This is a good example why UWI students should pay their own fees. Unless I missed it, not one tax-payer, UWI educated lawyer has come out to advise the debt holders of their legal rights. The QEH doctors have convinced us of this for years – now the lawyers. In that place we call the horrible USA, lawyers on both sides and the middle would be providing general advice on this morning, noon and night.

    https://barbadostoday.bb/2018/09/25/pensioners-begin-government-bond-sign-up/

    Like

  • Would one of you brainiacs PREFERABLY THE ONES WHO ARE NOT BLP PIMPS EXPLAIN FOR DE OLE MAN WHAT ALL DESE BOND SIGN UPS MEAN.

    I AM A SLOW MAN SO DONT TYPE IT TOO FAST.

    Let us say that I have been buying $100 bonds yearl with a 10% yield

    After 20 years I have $2000 in bonds which are set to mature every 10 years and I have been rolling over my investment every year I.e, when a bond matures I take the principal and interest and reinvest with the bond issuer which is supposedly the safest institution – government

    So my bonds have matured and for 10 of those bond I am to realise $10 each at least.

    Now we ent even going deal with no compound interest nor the complexities of reinvesting and all dem udder tings. We just Dealing with simple interest.

    So wunna is telling the people of Barbados that BECAUSE OF THE TEIFEDNESS OF THE FORMER ADMINISTRATION I can’t get dat $100 dollars in simple interest

    And further that this new government with all 50 something gurus are incapable of working out a deferred compensation strategy that will let me Labour in hope of realizing the shortfall of that simple interest.

    Wunna see why I is such a simple ole man?

    Cause the very reason that dem telling m3 dat Avanash de snake oil salesman was hired and the very reason White Oak cuntsultants were fabricated @today wunna I’d being told tek dis shy$# money and run wid it cause 5he way things looking WE UP SHYT#@ CREEK

    Liked by 1 person

  • pieceuhderockyeahright

    @ The Honourable Blogmaster your assistance please

    Like

  • According to news report one hundred and thirty people exchanged their instruments for new govt paper
    Also reporting that they had no other option since the process was almost a done deal by govt with no provision for other alternatives
    However for those living in the diaspora who bought govt instruments the process all but let them loose since no proper procedure or process was initiated by way of informing them of what procedure their should take for exchanging their instruments

    Liked by 1 person

  • @ Piece
    …..cause 5he way things looking WE UP SHYT#@ CREEK
    +++++++++++++++++++++++++++++++++++++++++++++
    Looking…?!!
    So did you not get the memo from Bushie about the grass
    ..and its proximity to your donkey…?

    Liked by 1 person

  • @ NorthernObserver
    @ac
    Wondering, between say Oct 1 2003 and Oct 1 2018, WHEN did debt become the elephant in the room?
    It must have occurred recently, because the evidence on BU from 15-16-17 shows you supported taking on more debt….for the preservation of the social economy.
    +++++++++++++++++++++++++++++++++++++
    Boss, the REAL problem is not ac.
    It is the new set of morons who, instead of locking up ac and the other demons that broke every law of common sense and of the land …. have been dutifully following the script laid out for them by the VERY SAME public servants who misguided the DLP jokers.

    The ONLY sensible FIRST ORDER OF BUSINESS ….
    is surgery on the CANCER of criminality that has invaded Bajan Body Politic.
    ….and at least some of those senior public officers HAVE to be cancerous…

    ac should be too busy trying to get bail… to come on BU talking shiite that is now diametrically opposite to the shiite she produced BEFORE elections.

    Like

  • There are alternatives – the GoB has many assets – but this is to deprive the debt holders of and redirect their “wealth” to other groups. What is happening is akin to a corporation telling its creditors that it cannot pay and using its assets to for its own objectives for the benefit of other than the creditors.

    Liked by 1 person

  • And what is this about “institutional holders that have separately received individual offers” – all debt holders signed on to the same agreement.

    Liked by 1 person

  • @ Hants September 24, 2018 11:50 PM
    “Prime Ministers Mottley and Trudeau hold bilateral meeting…”
    ++++++++++++++++++++++++++++++++++++++++++++++++++

    It’s time MAM stop with the long talk and begin ‘to walk the walk’ in Canada’s shoes by decriminalizing marijuana by year-end and amending the Bajan Marriage Act in 2019 to accommodate same-sex marriages or provide a similar legal vehicle (like a UK type-civil partnership arrangement) offering the same rights and responsibilities as prevail under the existing laws covering relationships between opposite sex consulting couples.

    Why waste time (and already scarce money) in going the referendum route knowing the hypocritical mindset of backward Bajans like the now disappeared Canadian Alvin ‘Boots’ Cummins?

    Did the Bajan government go the route of referendum when it came to Independence, joining Caricom or the CCJ?

    Did it hold referenda before the removal of the social scarring distinction between children born within wedlock and those ‘illegitimately born outside (bastards)?

    Did it consult the people by way of the ballot on the passing of the Termination of Pregnancy (Abortion) Act or its recent amendment to the “Murder” Act?

    A referendum had already been undertaken on May 24th and the results are clear to see.

    It’s time Barbados move with the times and stop operating like the Victorian moral hypocrites or the Taliban or the sexist Saudis now being forced to see the light of liberation for their women folk who might be able to drive a vehicle without a male chaperon (guardian).

    Like

  • Rather than a referendum I think we need a programme of education as to why we should do these things before they are done. Most people are against giving rights to homosexuals because they have just accepted what some church leaders say without thinking for themselves. Also many don’t understand that church and state are separate and that the state must operate in a manner that gives ALL persons equal rights. However, church leaders should not be forced to perform ceremonies against their beliefs. I have found that when I present these ideas to people in a logical way they actually do stop and think and often end up by acknowledging that I have a point.

    Like

  • David
    Yes there are pensioners affected by the debt restructuring, but is that taxation as is being implied? Is it not the pure ineptitude of the government of the last ten tears that is forcing the current administration’s hand? At least the government isn’t afraid to act. I would urge the government to establish a team to monitor each policy/programme to support a robust evidence base. The proof will be in the eating, and as much as the antagonists are pelting, nothing is sticking. It is an exercise in hopping and jumping from post to post, with the same rhetoric. There are people here that want us to believe that all that’s happening now is due to post May 24 decisions. The more they talk, the more jokes I get.🤣🤣

    Like

  • Prices of groceries actually have started to come down in certain supermarkets. I always keep my bills and compare and so I know. They will not all come down at once as it depends on the stock that was purchased at the old rate. Prices will come down item by item.

    Like

  • Guest,

    You got it I one. Taxpayers pay hefty university fees to educate these lawyers and of all professional groups in Barbados, the lawyers are collectively the most dishonest. They of all set out to rob ordinary people. They are despicable.

    Like

  • @ Mariposa September 24, 2018 8:48 PM
    “Good question what about the pensioners
    The blp yardfowls gone sleep on that question
    Lest they forget the hue and cry against past govt when pensioners lost their savings in Clico
    The funny yet not funny as past govt made a way of having the pensioners compensated
    Mia slam shut the door on that too and not a peeking word from the bombastic blp yardfowls
    Guess they too shame to say one word”
    ++++++++++++++++++++++++++++++++++++++++++++++++++++++

    Those pensioners holding government paper should be treated the same way the CLICO EFPA holders were treated and deemed by your fumbling master Stuart as a set of excessively greedy bastards.

    The same way the CLICO individual investors were deemed greedy for going after unrealistically ‘super’ interest returns, so too should those people who were well aware of the dangers of going after the ‘shady interest-earning shadow’ only to lose the ‘real security bone’ after the CLICO fiasco.

    How could they be so blissfully ‘ignorant’ of the risks when they were well aware of a government printing Mickey Mouse dollars to pay ‘genuinely unproductive’ public sector workers without concomitant inflows of foreign exchange earned by the hard work of export-oriented Bajans and not by borrowing from the Credit Suisse of this world to feed an obese conspicuous consumption pig feasting on the DLP fatted calf?

    How long do you think such a state of affairs to continue before the shite from the fat pig hit the fan?

    Just wait on the Devaluation wolf to come a knocking on the Bajan dollar door as the first tranche of the IMF lifesaver ends up in Japan, Germany and China to pay for mechanical sweet-life and sugar-water trinkets.
    You all better take very seriously the warnings being given by PUDRYR, Tron and poor boy Bushie very, very seriously, yuh hear?

    Like

  • @ Donna September 25, 2018 8:26 AM

    Rather than a referendum I think we need a programme of education as to why we should do these things before they are done. Most people are against giving rights to homosexuals because they have just accepted what some church leaders say without thinking for themselves. Also many don’t understand that church and state are separate and that the state must operate in a manner that gives ALL persons equal rights. However, church leaders should not be forced to perform ceremonies against their beliefs.”

    +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

    Very good points you have raised there.

    But it could also be argued that the more enlightened church leaders should also be given the ‘licence’ to perform such marriage rites for same-sex couples.

    Aren’t those who conduct rites of marriage in a ‘church’ setting also functioning as officers of the Government or Court?

    Don’t all divorces have to be sanctioned ( not sanctified) by the same Court and cannot be undone in any church hall?

    If a church leader has a right to refuse two Christians (not Jews or Muslims) from entering into any same-sex legally approved union based on love in the house of their loving all-inclusive rainbow god what about a white supremacist principal having the right to refuse black children or Jews to attend the school over which he presides?

    BTW, a programme of educating Bajans about the dangers of littering has been conducted for the past 40 years now.

    Don’t you think it’s time Bajans grow up by behaving as if they have been ‘educated’?

    Sometimes people have to be forced through the penalty of the Law to change their behaviours’.
    Discriminating against people on the grounds of race, creed, cultural origin, gender or sexual orientation should be universally outlawed and is the only law the rainbow God requires humans to obey in their day—to-day interactions.

    Ask the bonobos how they deal with conflict and stress!

    Like

  • Miller,

    Some things just cannot be forced. If I were a homosexual, I would not even wish such a minister to preside over my nuptuals. What is to be gained from that? One would have a better ceremony elsewhere. I know many priests who would be happy to facilitate such.

    Like

  • The debt holders may have to contact the Cable and Wireless minority shareholders and their lawyer for some guidance on how to bring a class action against the GoB.

    Like

  • @ Donna September 25, 2018 9:51 AM
    “I know many priests who would be happy to facilitate such.”
    +++++++++++++++++++++++++++++++++++++++++++++++++++++

    So why aren’t they sounding their voices and calling for the change in the local Law which discriminates against two people who are in love but happen to be of the same sex?

    Isn’t the Christian marriage supposed to be based on Love (and not Sex)?
    Is it Ok for a blind woman to marry in a church a man who is disabled from his waist (waste) down but illegal and a massive religious taboo for two ‘virgins’ to tie the nuptial knots?

    No one is forcing anything on any one.
    Should a doctor- sworn to the Hippocratic oath- but who goes to a church which condemns the drinking of alcohol- refuse to treat a man because he is an alcoholic?

    Since ‘marriage’ is a legal construct why not take it out of the ambit of the religiously myopic bigots and make it a totally civil matter like the mandatory responsibility to register all children; No christening or No bar or bat Mitzvah.

    The church cannot ‘untie’ a marriage so why let it be in a position to tie two people to a legally binding contract in the first place in this secular age?

    Like

  • The priests are working quietly and making headway. They are making progress in the hearts and minds of their flocks. Change will come in due course.

    Nothing wrong with the suggestion of taking the civil authority away from religious leaders. That could actually solve the problem. The religious ceremony could be unofficial.

    Like

  • Oh piss off do Miller…

    Who are you to pontificate on what any church should ..or should not ..do…?
    No one stops you from living with your ‘partner’ and doing whatever the hell wunna want…
    But what gives YOU any right to expect church endorsement?
    (apart from the fact that most ‘churches’ are jokes…?)

    Do you even know what marriage signifies …or represents?
    Shiite … not even the churches do…

    What legal construct what??!!
    Marriage was PRESCRIBED by BBE – to signify one of the most compelling and significant concepts that it is possible to comprehend. It is just that blind brass bowls CANNOT see…

    Just because it has been adopted by most religions, churches, mosques tribes, courts and even faggots.
    .. does NOT make it a ‘legal construct’.

    Why don’t you just say that you DO NOT KNOW the genesis of marriage
    … but that you obviously YEARN to be encompasses in it’s beauty….?
    Steupsss

    Liked by 1 person

  • @Guest
    The certification of who/what is included in the ‘class’ would be most interesting, given the NIS is the largest holder of GoB paper.
    The hindsight message is credit ratings DO matter, and for those who have ‘invested’ inGoB instruments, you should be marching every week. The debt spiral down has consequences. The belief “dat can’t happen here in dis country” does not apply to financial instruments.

    Like

  • @ Bush Tea September 25, 2018 11:27 AM

    Bushie man; you are contradicting yourself all around?
    “Marriage prescribed by BBE” my brass bowl!
    Which BBE are you referring to? The one that allowed the wisest man (Solomon) to have 700 wives and 300 concubines?

    Marriage is a cultural (human) construct and not any god-imposed arrangement.

    If marriage was a god-imposed arrangement then there would have been NO provision for Divorce.
    ‘That which your BBE has put together let No man put asunder!’ should be immutable law similar to what you were trying to ram down “Enuff’s” throat regarding the hot topic of ‘Planning for National Development’ purposes.

    We will continue to pontificate to an institution which used to keep slaves (with no public apology up today) refused to accept blacks among its white’ fold, or allowed them to marry and which even today continues to protect from the arm of the Law their officers who engage in rampant pedophilia.

    No one is arguing for the right to live with “your ‘partner’ and doing whatever the hell wunna want” but for the other legal rights (and responsibilities) that ensue from such a living arrangement.

    Why should a woman live with a man in a “common’ law arrangement and after 5 years be entitled to certain divorce-type ‘privileges’ but not when it comes to two wo(e)men?

    Liked by 1 person

  • @Bush Tea September 24, 2018 9:25 AM “one ugly, slow, [old] unmannerly cashier.

    I didn’t know that you were a bank cashier.

    LOL!!!

    Oh shirt!!!

    What de RH.

    Liked by 1 person

  • Debating restructuring now in the HOA

    Like

  • BUSH SHIT, THOU SON OF SATAN

    Re Do you even know what marriage signifies …or represents?
    What does marriage signifies …or represents?…

    RE Marriage was PRESCRIBED by BBE –
    Who or what is BBE? DEFINE/IDENTIFY BBE

    RE Marriage was PRESCRIBED by BBE to signify one of the most compelling and significant concepts that it is possible to comprehend.

    What is so compelling and significant about marriage that “it is possible to comprehend? What does this mumbo jumbo really mean.

    What is the genesis of marriage?

    What does the bullshit below means?
    “… but that you obviously YEARN to be encompasses in it’s beauty….?”

    CAN YOU GIVE THE RELEVANT SCRIPTURE TO SUPPORT ANY OF THE RUBBISH TO WHICH YOU ALLUDE IN THE RUBBISH THAT YOU HAVE WRITTEN?

    Like

  • @millertheanunnaki who wrote “It’s time MAM stop with the long talk and begin ‘to walk the walk’ in Canada’s shoes by decriminalizing marijuana by year-end ”

    Barbados is missing an opportunity to benefit from the ” marijuana industry”

    We could have been enhancing our Tourism product but the rest of the Caribbean will leave us behind.

    Meanwhile Canada is ready for October 17th.

    http://kushdelivery.ca/

    Like

  • @David September 24, 2018 2:16 PM “You have to feel for BARP people.”

    Some of the BARP people put their money into their children’s heads [and their parent’s graves], If the worse comes to the worse and the children F me up, so what? I would rather my children F me up, that to have strangers in government F me up. And to besides if things go south with Barbados the children can migrate their well educated brains elsewhere, and at least I have a paid up grave to go into.

    Win-win, as far as I am concerned.

    Liked by 1 person

  • SO THEN BARP FOLK AND OTHER ELDERLY FOLK SHOULD STAY VERY FAR IN DE FUTURE IN INVESTING IN ANYTHING PROPOSED BY GOVERNMENT—EXCEPT MAYBE TO ATTEND PARADES, OR NIFCA SHOWS

    Liked by 1 person

  • Barbados is so far behind on the medical marijuana front right now..DESPITE having laws in place that allows medical marijuana to reign supreme…but both governments have been slow, lazy and useless…maybe they are waiting for someone to offer bribes as is their practice … so they can get their SLUGGARD asses moving.

    Like

  • @Georgie Porgie September 25, 2018 1:42 PM “SO THEN BARP FOLK AND OTHER ELDERLY FOLK SHOULD STAY VERY FAR IN DE FUTURE IN INVESTING IN ANYTHING PROPOSED BY GOVERNMENT.”

    I am not saying so, but when the Barbados authorities began flogging government paper to naive “investors” it was clear at least to me that the Barbados economy was being mismanaged, and there is no way I would have lent the Barbados government any of my money.

    Lolll!!!

    The government has income tax returns for me for 2015, 2016, 2017 in each case less than $300 per year, so less than $1,000 in all, so if they can’t or wont pay me $300, why would I lend them my gratuity? The government asked me if I wanted bonds or cash. I said cash please. I still haven’t got it, but at least I did not lend them my gratuity.

    Didn’t make sense to me then.

    Doesn’t make sense to me now.

    It would be interesting to find out how much money Chris Sinckler, Delisle Worrell, Freundel Stuart or Donville Inniss have lent to the Barbados government in the past five to ten years?

    Maybe I should go to the Grand Salle of the Central Bank to see just who is turning up to the debt restructuring meetings.

    Maybe a bunch of sweet economically naive elementary school teacher types, the same nice types who “invested” in Trade Confirmers and CLICO.

    i would say to such types, when you get your gratuity, lick up some, be nice to yourself for once in your hard working life, if the wife has died, go for a cruise with your new girlfriend or boyfriend, give some to your children and grandchildren, repair your house, buy a nice grave plot for yourself, split up the balance into multiple financial institutions.

    And it is ok to start spending down the principal. You are NOT going to live forever. So add up mummy and daddy’s ages, divide by 2 and assume that is how long you will live. If you estimate that you have 20 years to live, it is ok to spend 5% of your principal every year.

    You will not get this advice from from the government or private sector experts.

    But it is your earnings. Live a little do.

    Liked by 1 person

  • The power of “Plenipotentiary” in “Robyn Rihanna Fenty, Ambassador Extraordinary and Plenipotentiary”

    https://www.bbc.com/news/world-latin-america-45609656
    The artist, whose full name is Robyn Rihanna Fenty, was named “Ambassador Extraordinary and Plenipotentiary” for her home country on Thursday.

    https://www.google.com/search?q=Plenipotentiary&rlz=1C1CHMO_en-GBBB582BB582&oq=Plenipotentiary&aqs=chrome..69i57.1071j0j1&sourceid=chrome&ie=UTF-8

    plen·i·po·ten·ti·ar·y

    noun – a person, especially a diplomat, invested with the full power of independent action on behalf of their government, typically in a foreign country.

    adjective – having full power to take independent action.
    “he represented the Japanese government in Seoul as minister plenipotentiary”

    Like

  • @Norther Observer

    “NIS is the largest holder of GoB paper.”

    Not sure this statement is correct. You have to remember that during the last year of DLP RULE, all the commercial banks had to raise their reserves(GOB PAPER) from some 2% to 20% which is a significant amount which now may represent the biggest debt holders. Agree NIS also has significant GOB DEBTS owing in paper held and deferred contributions. Like Wily has maintained since BLP came to power he would like to see an independent forensic audit of the overall Barbados financials.

    Liked by 1 person

  • @Simple Simon September 25, 2018 3:21 PM “It would be interesting to find out how much money Chris Sinckler, Delisle Worrell, Freundel Stuart or Donville Inniss have lent to the Barbados government in the past five to ten years?”

    But I suppose that we will never find out.

    However the Americans allege that their colleague/friend? Donville was saving/investing his extra cash in America, unlike our nice, sweet, economically naive elementary school teacher types who were putting their life savings in Barbados government bonds. Not me. Not fa sh!te.

    Unless of course those Americans are telling lies on our Donville.

    Liked by 1 person

  • @ Simple, I do not have a photographic memory like old Piece. However, in a previous blog I recall you saying that you never drew a government cheque. Now, you are talking about gratuity and whether you wanted it in cash or bonds. I assume this would be a government gratuity.

    Re spending your money, I invested my severance (gratuity as it was free money and not part of my pension) and find that no matter how hard I try, I cant spend my pension cheque each month as I had planned to do. I travel, eat out, donate and still cant get through my pension. Ah well, I suppose if you have no debts, no mortgage, no car payments there is not much to spend it on.

    Like

  • Nope. It was NOT a government gratuity. Perhaps I shold have said equivalent of gratuity.

    Liked by 1 person

  • De ole man is intrigued by the juxtaposition

    It is an anomaly, given the substantive topic.

    Nothing has preceded it nor nothing follows it.

    Do explain heheheheh

    Like

  • Ah guess all the Bitt/mMoney talk is over for now…since it has been ascertained what a bunch of dumb asses with their fly by night Plan B they players are, flying by the seat of their pants trying to bamboozle the majority population..

    Can’t fix the cockup of NOT MARKETING mMoney at this juncture, gotta wait for the populi to forget, ya know the 15 second attention span attributed to Bajans…but…, ah hardly think that is going to work anymore…lol

    Well what a thing…and what a way to expose yaselves along with Enuff the yardfowl as being dumb as a bag of rocks.

    Liked by 1 person

  • @pieceuhderockyeahright September 26, 2018 2:02 AM “Do explain heheheheh.”

    I do get an NIS cheque. I am entitled aren’t I? I did work hard from 18 to 60+. But no I never got any other NIS cheques. And no I did not work for the Barbados government, except briefly between the ages of 18 and 23, when I left because the work was too easy, not demanding enough of my brain, nor my body. I like working hard. I never wanted an easy government job.

    Can’t stop now, have to go work in the land, or as Bush Tea calls it the kitchen garden/plantation. however the food produced sustains my and my extended family households with good quality, pesticide free produce, and if the cost of food has risen, I haven’t noticed it. Both my old man and his mother continued working the land until 90+.

    I plan to do the same.

    BLP, DLP, I don’t care. I am the least political person you would ever have the misfortune of meeting.

    Like

  • More understanding needed about BITT and ICBL.

    Read front page of Barbados Today.

    @ Pieceahderockyeahright wha you tink bout dis.

    Like

  • Home Affairs Minister Edmund Hinkson wants regulators to act wherever the law allows against ICBL, whose overseas parent has admitted that the local firm paid a bribe for a Government insurance contract.

    https://barbadostoday.bb/2018/09/26/home-affairs-minister-wants-action-on-icbl/

    Like

  • “Barbados will soon forge a single digital payment framework incorporating the Central Bank of Barbados, commercial banks and Bitt the local yet global blockchain developer and currency digitiser,

    ” it is to be guided by both the Financial Services Commission and Prime Minister Mia Amor Mottley.”

    Like

  • As shown on the front page of Barbados Today…..

    memorandum of understanding between BITT and ICBL

    Like

  • Can someone please explain|: minister of home affairs, Mr Hinkson, want the regulator to investigate ICBL; the unregulated BITT and the regulated ICBL have signed a memorandum of understanding; and BITT looks set to trade on the stock exchange, under the supervision of the FSC and the prime minister and minister of economic affairs.
    This is too much even for me. Why does Mr Hinkson want the regulator to investigator, when there is a prima facie criminal case against the ICBL? Is that not a case for the police? Who authorised the stock exchange to allow crypto-currency trading? Where is the regulator? How can BITT and ICBL sign a MoM, was this approved by the regulator? Why is the minister intervening in the supervision of BITT when there is a regulator? Is this personal?
    This is all gong to end in tears. Barbados is a failed state.

    Liked by 1 person

  • Is the UK a failed or failing state?

    Like

  • You better ask them.

    Like

  • Piece Uh De Rock Yeah Right

    @ Hal Austin

    Hal, many here get annoyed when you call Barbados a failed state and give your reasons for calling it that.

    Yet not a man Jack can speak to the substantive matters you have raised.

    I beg your licence to add to what you said earlier IF I MAY.

    You said/asked and I quote “…Mr Hinkson, the Minister of Home Affairs, wants the regulator to investigate ICBL; yet, AS RECENTLY AS ONE WEEK AGO the same unregulated BITT and the regulated ICBL WHICH RECENTLY ADMITTED TO BRIBING OFFICIALS IN BARBADOS have signed a memorandum of understanding! and NOTWITHSTANDING SAID ILLICIT ACTIVITY THAT THE ROYAL BARBADOS BAYGON POLICE FORCE REFUSES TO INVESTIGATE because there is no crime reported to them, BITT (the unregulated firm) looks set to trade on the stock exchange, under the supervision of the FSC (which i seem to recall has a new head who is a relative of the PM? do not quote me on that) and WITH THE ENDORSEMENT of the prime minister and minister of economic affairs Mia Mottley WHO IS SUPPOSED TO BE IMPARTIAL IN THESE MATTERS.

    Why any lawyer, of whom Chairman Mottley is reputed to be one with her LEC, would at least show some modicum of respect and not be so quick to endorse an entity which is Unregulated?

    But let us not forget that this is Bulbados a cuntry where the Law comes out of the mouth of the BLP, nearly said guns of Chairman Mao.

    But not a feller ent going say that this is wrong Hal including Hinkson lest his matter against Pain be resuscitated and he as Minister of the Interiro gets a room up in the interior of Doods

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  • @ Piece Uh De Rock Yeah Right,

    You and de grand son will have more material to work with than Trump is giving the comedians in the USA. lol

    BITT by bit

    The Motley crew and de Addams family.

    Bajan royalty. The Queen Bee and the heir apparent.

    buh doan mine me. I hea doting on a woman I can only hear and see in music videos.

    Like

  • Why did Rawdon Adams become a senator ?

    He could have stayed away from politics and focus on BITT inc.

    Liked by 1 person

  • peterlawrencethompson

    @Hal Austin September 26, 2018 11:34 AM

    It seems to be up to me to point out that Bitt Inc. is regulated by the FSC, by KYC regulations, and by AML rules.

    Bitt Inc. cannot trade cryptocurrency on the stock exchange, no-one can; they can simply go through the procedures to list their own stock in the same way that any other Bajan company can.

    Bitt Inc. is a privately held company that can negotiate an MOU with any other company such as ICBL. Of course each of them independently has to comply with all applicable regulations.

    You are completely correct that “there is a prima facie criminal case against the ICBL” and more to the point, against at least three former executives of that company. I think it is most important to convict the executives because the maximum fine is only $2,400 (chicken feed) but the executives allegedly committed the offenses in connection with “the Crown or any Government Department or any public body, or a sub-contract to execute any work comprised in such a contract, shall be liable to imprisonment for any term not exceeding seven nor less than three years.” —PREVENTION OF CORRUPTION ACT 1929

    That’s a MINUMUM of 3 years at Dodds folks. But the DPP has to act BEFORE the new Integrity in Public Life Bill is passed.

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  • Private companies cannot list on the stock exchange.

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  • peterlawrencethompson

    That’s right, Bitt Inc would have to do an IPO and become a public company.

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  • “That’s a MINUMUM of 3 years at Dodds folks. But the DPP has to act BEFORE the new Integrity in Public Life Bill is passed.”

    I wish you all the luck….

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  • Piece Uh De Rock Yeah Right

    Ammmmm PLT

    Do you know the process of a company being able to be listed on the Barbados Stock Exchange?

    I am just wondering…

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  • peterlawrencethompson

    @piece
    No I don’t… not in Barbados.

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  • they looking to fool the public , who can invest when people will be out of work and other overtaxed and broke, money laundering fools, Another CLICO scam , all the crooks will pile in and on , SUCKERS

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  • @Hants
    I read the front page.
    Rawdon is a hell of a salesman. BSE is almost dead with little or no trading and now they are going crypto-trading.

    I think the play for Bitt is still bitcoins. mMoney is a distraction. Somebody has bitcoins they want to dump.
    If bitcoin start to rise and fools rush in, then RA, nineofnine and others will dump their bitcoins and run,

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  • PLT
    And haven’t the said executives parted ways with ICBL? If so is there still a “a prima facie case against ICBL” or those executives? Uh like how some people brought down Jesus that there was no “prima facie” case against Parris but quick to say there is one against ICBL. #butdemcallmeayardfowl

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  • ” If blockchain can be made to help us with our customer due diligence, our onboarding process, the process of paying us [and] maybe ultimately the process of pushing product to customers ”

    https://barbadostoday.bb/2018/09/26/insurer-fintech-firm-in-new-cooperation-deal/

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  • Stay away from insurance companies if you can.

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  • ” I think the play for Bitt is still bitcoins. mMoney is a distraction. Somebody has bitcoins they want to dump.”

    Something very nasty is at play here..AND.. if the Bajan population DON’T BUY INTO INTO OF IT..with their hardearned money, it cannot get off the ground..

    … the people, the majority population….are quite obviously being targeted by these two shady groups…Bitt and ICBL…another vicious insurance company that hates to pay out compensation to claimants, just like CGI Insurance, since Harris became their advisor.

    Bitt ran that bitcoin scam for way too long waiting for Rawdon to take his place in the senate, but neglected to market mMoney, nah…something evil is afoot to victimize the majority population as usual.

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  • Something very nasty is at play here..AND.. if the Bajan population DON’T BUY INTO ANY OF IT..with their hard earned money, it CANNOT get off the ground..

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  • “MORE INFORMATION NEEDED ABOUT GOVERNMENT’S PARTNERSHIP WITH BITT INC”

    It has been three months since this post was written. Has more information been forthcoming?

    Meanwhile, we have seen a trickle of press releases about MOU. I am wondering if these press release are the literal flogging of a dead horse.

    And if you avoided the free advice that was given about bitcoin
    —-Date Bitcoin price
    —-Sep 23 $6696.99
    —–Dec 9 $3400.00
    I can promise you this…. Before it hits $0.00 you will get a next pump and dump artist on BU, telling you. “Bitcoin has hit the bottom. Now is the time to buy. Watch it rise again to $20K.”
    and whilst you are jumping in… the huckster will be jumping out…

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  • Here looking at the current price of bitcoin in US and BDS $
    BDS $7115.16
    US $3487.82
    Which is an exchange rate of BDS $2.04 to USA$1.00

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  • Where on earth is 9of9
    https://smartereum.com/3295/what-will-happen-to-bitcoin-in-2019-bitcoin-price-predictions-2019-bitcoin-price-today-sun-dec-16/

    “Technical analysis based on logarithmic scale shows the expected price levels that bitcoin can reach in 2019. Bitcoin is likely to reach a price of around $12,000, which will be an excellent result and can initiate a further growth in 2020. 2020 is close to another important date – the BTC ‘halving’.”

    “Many of the enthusiasts are actually predicting higher peaks as well as newer peaks for the cryptocurrencies. It remains to be seen whether Bitcoin will indeed be able to rise to $ 40,000 in the current calendar year or not.”

    John McAfee
    When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bitcoin at $1 million by the end of 2020. I will still eat my dick if wrong

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