Introducing a Central Bank Digital Currency for Curaçao and Sint Maarten

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Introducing a Central Bank Digital Currency for Curaçao and Sint Maarten

Curaçao – On Friday, June 7th, IBIS Management Associates officially presented the whitepaper to the Central Bank of Curaçao and Sint Maarten on the concept of introducing a Digital Currency.  Efia Scuotto-Luis, COO of IBIS Management, presented the concept along with Digital Currency use cases that are directly and immediately applicable to both Curaçao and Sint Maarten.

In 2018 the CBCS signed a Memorandum of Understanding with a regional Fintech company to conduct a feasibility study on issuing a digital currency to facilitate digital financial payments within the monetary union of Curaçao and Sint Maarten. Since taking this step, the CBCS has consistently shown its determination to fully understand Blockchain technology and how this can proactively address challenges within our financial landscape. With this initiative CBCS has joined the global discussion on the motivations and implications of introducing a Central Bank Digital Currency (CBDC).

The whitepaper presented by IBIS Management is a result of fruitful discussions between UoC students who believe in blockchain as the catalyst for drastic change for our island and have a clear view on how this can be technically possible, and a team of IBIS experts that considers innovation as the remedy for Curaçao’s current challenges in the financial sector and economy.

“Knowing the limitations in our payment and transactional landscape that manifest as paralyzers on our (e-)commerce and innovation, and considering the fact that we are now celebrating nine years of constituency change in the Dutch Kingdom, it is imperative to start shifting gears and work toward a new platform and new form of currency for our countries: a Central Bank Digital Currency also referred as our National Digital Currency” says Clark Russel, CEO of IBIS Management.

This research project not only serves as proof that by bringing local talent together great things are created, but it also marks the basis to further incentivize and motivate our Central Bank and policy makers as well as our local Financial Institutions to embrace the future and possibilities of a National Digital Currency.

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