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?
- lack of a legislative environment to safeguard the integrity of the market
- security issues
- SMEs say Barbados need mobile/online payment solutions, not a digital currency
- Bitt Inc does not have a robust IT/governance platform to certify with best in class FIs to be a disruptor
- 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
Introduction
The blogmaster invites you to join the discussion.