Bitcoin becomes legal tender in El Salvador. Bahamas launches the Sand Dollar as the world’s first Central Bank Digital Currency (CBDC). The market cap of stable coins surpasses 150 billion US Dollars. A multitude of new payment methods is flooding the market and plunges users into confusion, since they are very different in terms of usage, technology, monetary policy and governance. 

What exactly are these differences? What distinguishes these new “currencies” from existing e-money? What are the opportunities and risks of their introduction? Which existing obstacles in the financial system do they tackle? Will they enhance financial inclusion of SMEs and citizens in the Caribbean?  Can they help to foster the Caribbean Single Market and Economy? Will they enhance financial inclusion of SMEs and citizens in the Caribbean? Why care?   

It is estimated that by 2030 the global fintech market will be worth 700 billion US dollars.  For the Caribbean with its multitude of innovative companies in this sector, this represents tremendous opportunities for wealth creation. Furthermore, the whole region can benefit economically if it succeeds in lowering existing non-tariff barriers in regional trade caused by the financial system as it is. 

The Caribbean Telecommunications Union with the support of CaribCoin and Abed Ventures will host a webinar to demystify digital money and cryptocurrencies and explore the opportunities and challenges for the region. The webinar will be open to the public but will specifically focus on key stakeholders such as central banks, economic policy makers, financial institutions, technologists, entrepreneurs and academia. 

The key areas of focus include, but are not limited to: 

Theme 1:  AWARENESSS – This theme will explain the new world of “currencies” from a conceptual, technical and economic perspective.  Key terms such as Central Bank Digital Currencies, crypto-currencies, e-money and others will be explored together with the deficits of the existing financial system with the goal to reach a common understanding. 

Theme 2: OPPORTUNITIES, RISKS AND CHALLENGES – This theme will examine the economic and social opportunities for different stakeholders including governments and the private sector. 

Expected Outcomes 

The webinar will enable discussion that will assist in the formulation of policy, legal and regulatory issues for consideration.  This will allow the relevant stakeholders to advance regional initiatives and make the necessary policy interventions in the interest of ensuring the Caribbean is poised to provide global leadership in this emerging technological space. 

Agenda

Fri, Jun 3

10:00 AM

Speakers

7 Speakers

Ryan Straughn
Ryan Straughn

Minister at Ministry of Finance

Dr. Jan Schröder
Dr. Jan Schröder

Chief System Architect at CaribCoin

Amit Uttamchandani
Amit Uttamchandani

Consultant at Caribbean Corner Office

Sharmyn Powell
Sharmyn Powell

Chair at FinTech Group, Eastern Caribbean Central Bank

Marla Dukharan
Marla Dukharan

Economist

Vashti Maharaj
Vashti Maharaj

Adviser, Digital Trade Policy at Trade Oceans and Natural Resources Directorate at Commonwealth Secretariat

Rodney Taylor
Rodney Taylor

Secretary-General at Caribbean Telecommunications Union

Host

3 Host

Host
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Caribbean Telecommunications Union

Sponsor
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CaribCoin

Sponsor
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Abed Ventures

CTU Member States

20 CTU Member States

Member State
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Anguilla

Member State
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Antigua and Barbuda

Member State
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Barbados

Member State
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Belize

Member State
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British Virgin Islands

Member State
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Cayman Islands

Member State
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Cuba

Member State
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Dominica

Member State
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Grenada

Member State
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Guyana

Member State
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Jamaica

Member State
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Montserrat

Member State
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Saint Lucia

Member State
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St. Kitts and Nevis

Member State
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St. Vincent and the Grenadines

Member State
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St.Maarten

Member State
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Suriname

Member State
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The Bahamas

Member State
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Trinidad and Tobago

Member State
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Turks and Caicos

CTU Non State Members

18 CTU Non State Members

Non-State Member
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ARIN

Non-State Member
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Bureau Telecommunicatie en Post

Non-State Member
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C&W Communications

Non-State Member
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Cloud Carib

Non-State Member
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Crimson Logic

Non-State Member
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Dauphin telecom

Non-State Member
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Digicel

Non-State Member
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Dynamic Spectrum Alliance

Non-State Member
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ECTEL

Non-State Member
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IARU

Non-State Member
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Internet Society

Non-State Member
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Lacnic

Non-State Member
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Meta

Non-State Member
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PUC

Non-State Member
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PUC Anguilla

Non-State Member
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Telecommunicatie Autoriteit Suriname

Non-State Member
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Telecommunications Authority of Trinidad and Tobago

Non-State Member
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Viasat

Demystifying Cryptocurrency and Digital Cash in the Caribbean

Jun 03, 2022