New digital currency coming

The ability to settle payments is a major obstacle to increasing trade among CARICOM countries, a challenge which has prompted the development of a new digital currency.

CaribCoin Inc., a Barbados-based financial technology company, is proposing to introduce a complementary currency this year. The plan is to start it as a pilot project involving 15 businesses from Barbados and Jamaica.

The introduction of Carib Dollar (Carib$) is being welcomed by CARICOM Private Sector Organisation chief executive officer and technical director Dr Patrick Antoine.

However, he said he believes it is needed more for trade between Trinidad and Tobago and the Organisation of Eastern Caribbean States (OECS). (SC)

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