Report: Barbados Central Bank Should Consider Holding Bitcoin
Two Barbadian economists have concluded that the country's central bank may want to consider holding a small amount of bitcoin as part of its portfolio of foreign reserves. In a new working paper, the authors examine the potential role cryptocurrencies could play as part of the portfolio of external assets held by a central bank, using Barbados as a case study. The paper reads: "Within recent years, the proportion of digital transactions done using digital currencies has grown significantly. As a result, it is possible that digital currency could become a key currency for settling....
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A new working paper titled "Should Cryptocurrencies Be Included in the Portfolio of International Reserves Held by the Central Bank of Barbados" suggests the Barbadian Central Bank to hold a small portion of Bitcoin as a part of its foreign currency reserves. The paper is authored by two economists - Winston Moore and Jeremy Stephen who previous worked at the Central Bank of Barbados and currently lecture at the University of West Indies. The complete working paper can be read or downloaded here. [PDF]. The paper notes that Barbados maintains a peg against the US dollar, making it....
The Moroccan central bank is currently holding talks with multilateral lending institutions and other central banks, centered on establishing cryptocurrency regulation best practices.
Inevitable Adoption of Cryptocurrencies
The Moroccan central bank governor, Abdul Latif Al Jawhari, has said his institution is currently in discussion with the International Monetary Fund (IMF) and the World Bank, about crypto regulation best practices, a report has said.
In addition to the two international financial institutions, the Central Bank of Morocco (CBM) is also in talks....
The Central Bank of Barbados is considering to include cryptocurrencies in the portfolio of international reserves according to its latest document drafted by Winston Moore and Jeremy Stephen. Most central banks worldwide maintain a portfolio of assets which include gold, foreign exchange and internationally recognised reserve assets to allow countries to settle international transactions. Since the beginning of 2015, central banks such as the Bank of England have begun to explore the possibility of utilizing cryptocurrencies such as Bitcoin and its underlying technology, the distributed....
Central banks in every country always keep a certain level of financial reserves. In most cases, these reserves will consist of foreign fiat currencies, as well as precious metals, such as gold and silver. But the Central Bank of Barbados is looking at whether or not digital currencies should become a part of their reserve holdings portfolio. Due to the....
Overstock revealed Friday it invested $4 million into a blockchain-forward financial technology firm in the Caribbean. The announcement, made in Barbados and attended by principals from the island’s company Bitt and Overstock, enters in a big move by Overstock into the space. It’s involvement had largely been focused on innovation through its t0 project. “A major impediment to economic advancement around the world is the fact that the vast majority of humans are unbanked,” Overstock Chief Executive Patrick Byrne said. “Yet mobile penetration in some countries exceeds 100 percent. Bitt has....