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

 

261 comments

  • @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

    Like

  • @ 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.

    Like

  • Private companies cannot list on the stock exchange.

    Like

  • peterlawrencethompson

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

    Like

  • “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….

    Like

  • 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…

    Like

  • peterlawrencethompson

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

    Like

  • 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

    Like

  • @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,

    Like

  • 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

    Like

  • ” 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/

    Like

  • Stay away from insurance companies if you can.

    Like

  • ” 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.

    Like

  • 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..

    Like

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