Invest Barbados

 

Overstock CEO: Be the First Movers in Blockchain Technology


2017-10-05 00:00:00

“If we in the Caribbean are to be competitive, relevant and even revolutionary, we must embrace Blockchain technology.”

This is the view of Chairman of the Bitt Board of Directors, Peter George. While giving brief remarks at a Bitt seminar entitled, ‘Central Bank Meets Blockchain’ at the Hilton Resort, he identified “that even though some less than savoury comments have been made, we at Bitt are the ones on the forefront in the Caribbean… We have spent the last 18 months building that compliance strength. This is an opportunity for real meaningful change”.

Meanwhile Dr. Patrick Byrne, CEO of Overstock.com, stated: “Central banks around the world are exploring digital currencies including Bank of England, Bank of Canada, Bank of Japan, etc.; they are all targeting 2018. The entire world is getting that Blockchain is a better system.

“In Barbados and the Caribbean, we are ready to launch December 15. We have the whole stake built, it is no longer theory; it is the mobile wallet, merchant payment processor and the digital assets exchange and we are ready to go. They are built and in testing.”

Dr. Byrne added: “What this means is the Caribbean and Barbados have a unique opportunity. There has been a lot of talk for the last 18 months, there is a crowd of the most distinguished central banks in the world lining up, but there is still a chance to be the first in the world.

“I think the Central Bank that is the first in the world that adopts this technology is immediately catapulted to the very forefront of financial technology.

“It is decision time for those that are here ... as you consider dealing with Bitt. Bitt is a good company with the backing of a large American company. You have the unique opportunity in the next couple of months to go forward and that will put the region on the map as the most progressive forward leading Central Bank that there is, and the effects on the Central Bank and the people will be positive.”

Source: The Barbados Advocate