National Cryptocurrencies? All Currencies Will Be Digitized, Cryptocurrency Expert Says

National Cryptocurrencies? All Currencies Will Be Digitized, Cryptocurrency Expert Says

Bitcoin has burst through the $10,000 barrier

and Ethereum is bumping up against $500. But today's important cryptocurrencies might just be the loud and noisy open act to the really big deal of the next decade. That is, the end of cash as we know it. "All currencies will be digitized," Bitt founder and director Gabriel Abed said today at TechBeach retreat in Jamaica. "Cash has seen its days."

National Cryptocurrencies? All Currencies Will Be Digitized, Cryptocurrency Expert Says. Bitcoin has burst through the $10,000 barrier and Ethereum is bumping up against $500. But today's important cryptocurrencies might just be the loud and noisy open act to the really big deal of the next decade. That is, the end of cash as we know it. "All currencies will be digitized," Bitt founder and director Gabriel Abed said today at TechBeach retreat in Jamaica. "Cash has seen its days."

Cryptocurrency, Bitt is a fintech starup,

nd Abed spoke today on a panel addressing cryptocurrencies and blockchain along with other Carribean startups and banking infrastructure representatives, such as Justin Ram, the Director of Economics for the Caribbean Development Bank.

"There’s a future coming that complete disrupts what we know today," Abed said. "I see a different future where central banks are issuing digital dollars … a new economic age of digital dollars." Cryptocurrencies like Bitcoin and Ethereum, and hundreds of others, typically are issued by private individuals, groups, or organizations, or mined via cryptographic protocols. Russia, however, among just a few other nations on the planet, has publicly announced plans for a national cryptocurrency: the CryptoRuble. China is working on a similar currency, as is Kyrgyzstan. At this moment, the U.S. Federal Reserve has no such plans — although, you'd have to think it would make quantitative easing much more simple.

What's better about a national cryptocurrency?

 "A national cryptocurrency would be better," Abed says. "It's more efficient, more immutable, more transparent."Bitt is talking to the Central Bank in Jamaica, Abed said, to potentially test technology like this, while the company is in active pilots in other Caribbean nations. Jamaica is doing what it can to enable fintech startups, said another panelist, in order to foster innovation."I do not want to see a situation where the regulators have too heavy a hand initially," said Ram, from the Carribean Development Bank. "We can utilize the Caribbean as a sandbox … and little “ays” can open big doors."

Chuck Reynolds


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