The Caribbean Telecommunications Union (CTU) supports moves to introduce a complementary currency aimed at addressing the challenges of cross-border currency payments across Barbados and the region.
Complementary currencies are alternative forms of currency that operate alongside a country’s legal tender and are confined to specific regions, business networks, or sectors.
These currencies can take various forms, including cash, digital, or hybrid mediums, and can be backed by different reserves.
CaribCoin, a fintech company, has introduced a Carib dollar.
Founder and Chief Architect at CaribCoin, Dr. Jan Schroder says the complementary currency is different from the US dollar as its regionally bound.
The CTU in collaboration with CaribCoin and Abed Ventures is set to host a webinar to explore the potential of complementary currencies.
The webinar, titled “Exploring the Potential of a Complementary Currency for the Caribbean” will take place tomorrow.
Secretary General of CTU, Rodney Taylor wants buy-in to the initiative given the value it adds.
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