Ince: Digital currencies here to stay
Blockchain technology, digital currencies are here to stay. So says Parliamentary Secretary in Ministry of Finance and Economic Affairs, Senator Jepter Ince.
He delivered opening remarks to a large audience on Thursday at a Bitt seminar entitled, ‘Central Bank Meets Blockchain’ at the Hilton Resort, where he explained, “Blockchain technology and digital currencies are here to stay therefore at this juncture, we need to look at how best we are going to go forward in creating the type of financially viable economies that are necessary if we are going to go on the path of restructuring, diversifying and creating the type of economic growth that is necessary.”
The Senator added, “Blockchain technology and digital currency have created some conversations that are very positive and some that are negative. I’m on the side of the positive conversation, if we are going to have any economic impact as far as international business and asset management is concerned. Blockchain technology, at its bedrock, is digital currency and the way in which that is going to impact on our daily lives and the way we look at how best we are going to structure our businesses. I’m confident that today, just as what happened back in 1791 when 24 young men established what we know today as the New York Stock Exchange, that this occasion speaks to change.
“The reason why I say that is that coming out of this meeting, we can say that on the 28th of September, just as what happened in 1791, that we can say today a group of persons with like minds at this meeting came up with an accord to embrace not only Blockchain technology, but the bedrock of digital currencies … and coming out of that we can think about a digital currency. We should be able to put our thoughts together to what are the possibilities of establishing a CARICOM digital currency that can go parallel with the Barbados dollar as well as the Eastern Caribbean dollar.”
Ince questioned, “What is the value of the Barbados dollar based on international trade? Looking at the five baskets of currencies, what is the value of the Barbados dollar within the basket of currencies? But when you look into that basket, you do not see a Barbados dollar, there has to be a conversion rate, that is you have to convert Barbados dollars to US dollars if you are going to carry out international trade like any other currency or you convert the Barbados dollar to the pound sterling or to the Japanese yen. So what does the Blockchain technology present? It presents an opportunity for us to now create an environment where we can say this is an EC dollar or this is the Barbados dollar running against a digital currency in the blockchain that is parallel and that can have positive implications... I am confident that it is here to stay and I want to publicly thank all of those that are involved with the technology.” (NB)