There has been a lot of buzz around our aim to set up a bitcoin exchange on the island and we are especially pleased to have been exclusively featured by the Jamaica Gleaner outlining this initiative. There is an intensive process that needs to be undertaken to structure the regulatory framework required by the BOJ before we can offer the service, and we are very encouraged by their willingness to explore emerging technologies in an effort to bring new economic opportunities to the island.
There are undoubtedly enormous benefits to bringing bitcoin to our developing region. Bitcoin has the potential to save the Caribbean hundreds of millions of dollars in remittance fees, to bank the unbanked, and to give local merchants instant access to an online platform to collect payment for their goods and services.
The results of bringing a licensed bitcoin exchange to the Island would be astonishing – by providing a platform where money can be transferred directly from person to person for free, by bringing consumers on board who are currently outside of the banking system, and by opening up e-commerce to the average small business, the region could experience an economic boom of proportions not likely without radical shifts in the financial sector.
Find out more by reading the complete article here.