Bitt Inc. and Eastern Caribbean Central Bank Deal to Pilot Blockchain Tech

A Barbados-based blockchain platform has made a deal with the Eastern Caribbean Central Bank (ECCB) in order to test a new project.

Bitt Inc.- a startup platform that is based on the blockchain algorithms has launched a pilot deal with ECCB.

Bitt is an important member of Overstock’s Medici Ventures. The company has also announced the signing of a “memorandum of understanding” between Bitt and ECCB in order to carry out some KYC (know-your-customer), money laundering prevention and protection against different procedures of cyber-crime attacks technological tests within the central bank’s partner states.

The community consists of: Anguilla, Antigua and Barbuda, the Commonwealth of Dominica, Grenada, Montserrat, St. Kitts and Nevis, Saint Lucia and St. Vincent and the Grenadines.

The project will be launched next year and will be limited to testing verified and supervised systems by the central bank, according to a press release. The results that will be concluded may be used to develop the payment system in the region, but also to design their own crypto coin.

The governor of ECCB Timothy Antoine stated about the pilot project as a part of the bank’s 2017-2021 strategic plan: “As the ECCB promotes the safety and soundness of the financial system in the ECCU, it 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. To that end, blockchain technology merits our attention and consideration at this time.”

Unfortunately, there are no other information about how long will last the pilot project and when it will start the testing process. According to a press release, none of digital assets will be used in the pilot plan- yet.

The startup Bitt Inc. isn’t at its first involving in such projects. In the past, the company worked with a U.S. blockchain startup in order to design a payment system in Barbados as well as to create a digital version of the Barbadian dollar.

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