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Haiti - Technology : Towards an encrypted virtual currency at the BRH?
05/07/2019 10:29:56

Haiti - Technology : Towards an encrypted virtual currency at the BRH?
Rawdon Adams CEO of Bitt, a Barbados-based fintech company, accompanied by Maclyne Warner from Haiti, Bitt's public relations manager, Marla Dukharan, and Caribbean Development Bank (CDB), Officer, Simon Chantry, has at the end of June a meeting with the Bank of the Republic of Haiti (BRH) and representatives of international financial organizations, and representatives of banks and telecommunications officials.

During this meeting, Rawdon Adams explained the advantages of an encrypted digital currency based on blockchain (like Bitcoin among others..) recalling "Currently, over USD3 billion is remitted to Haiti – that’s over 30% of its GDP. World Bank data indicates that the fees paid on those remittances can be as much as 19%. Every 1% reduction in those costs is over USD30m a year more in the pockets of the people who need it most" adding "[...] Today only 32% of Haitians are banked, yet 64% have mobile telephones. A central bank digital currency would connect existing fragmented, closed-loop financial service offerings in the country…All transactions – including remittances – become vastly cheaper, faster and more secure"

Learn more about Blockchain technology :
""Blockchain" or chain of blocks, is a technology of storage and transmission of information without control organ. Technically, it works like a distributed database, where user-generated information and internal links to the database are checked and grouped at regular time intervals into blocks, forming a chain of secure blocks by encryption. By extension, a blockchain is thus a distributed database, which maintains a list of records protected from falsification or modification and thus acts as a distributed and secure record of all transactions made since the start of a system distributed."

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