A Pilot Bitt Blockchain Tech By Eastern Caribbean Central Bank

A Barbados-based blockchain startup called Bitt Inc., has landed a pilot deal with the Eastern Caribbean Central Bank.

There was signed a memorandum of understanding  with the ECCB to test its technology for know-your-customer, anti-money-laundering and combating the financing of terrorism procedures within the member nations central bank’s.

Those member nations include Anguilla, Antigua and Barbuda, the Commonwealth of Dominica, Grenada, Montserrat, St. Kitts and Nevis, Saint Lucia and St. Vincent and the Grenadines.

The pilot is going to be launched next year. Accoding to a press release, it will be restricted to controlled environments and supervised by the bank. The efforts could be used for developing more effective digital payment system. It may also be used to help issue a digital currency for the region.

Bitt will specifically look to track data management, compliance and transaction monitoring, according to the press release.

ECCB governor Timothy Antoine said the pilot is part of the bank’s 2017-2021 strategic plan. He continued:

Timothy Antoine, the ECCB governor said the pilot is the bank’s strategic plan. He said, that ECCB also has a responsibility to encourage and support innovation consistent with the Bank’s mandate to facilitate the balanced growth and development of member countries. He said blockchain technology is under their consideration.

Details about how long the pilot will last or when its results would be available were not available.

The press release didn’t note the any of the issued digital currencies will be used in the region, alongside with fiat currency.

In the past, Bitt had worked with Netki, a U.S. blockchain startup with an aim to develop payment network system in Barbados. Finally, it developed a digital version of the Barbadian dollar.