As part of the United Nations Economic Commission for Latin America and Caribbean (UN ECLAC) study, “Opportunities and risks associated with the advent of digital currency in the Caribbean“, longstanding deficiencies in electronic payments within certain Caribbean territories was uncovered. The study also took note of encumbrances encountered by entrepreneurs which effectively stifled the growth of innovative payments solutions including proposed mobile money and digital currency based solutions.
The diagram above was designed to assist Caribbean authorities (policy makers regulators, etc.) in their understanding of such new innovative solutions and show how they compare withe the more traditional concepts of electronic money. This diagram is presented and discussed within the “Innovating Caribbean payment systems” section of the aforementioned report.
The effort to bring elucidation on this topic within the Caribbean does not stop there however, as the International Telecommunications Union (ITU) will be hosting the 3 day public workshop “Exploring Innovation in Transactions & Financing in the Caribbean workshop” in Trinidad & Tobago over the period 1st – 3rd June 2016.
It is hoped that such activity can result in a better understand among key stakeholders in the role innovation can play in leading to higher levels of participation from the Caribbean in the digital economy.
Looking forward to seeing you there!