The end of the era of banks. Caribbean developer eGrivny told how you can do without maps

Brief:

  • EGrivny’s provider gave a fresh interview
  • They talked about their past experiences in Nigeria
  • Bitt also listed the main advantages of digital currencies t

Fintech company Bitt from Barbados is working on the creation of the digital hryvnia. The company’s CEO recently gave an interview to American journalists, Brian Popelka. He spoke about his past experience, technologies, and also confessed his love for Ukraine.

Digital currency: life without banks and other benefits

Provider Bitt already has experience in issuing digital currencies (CBDC) – they were responsible for creating eNaira, a stablecoin for Nigeria. The government wanted to reduce the number of transactions involving banknotes and coins. That is, first of all, to reduce the cost of printing money. This is the first benefit that digital money provides.

The second benefit is the ability to use CBDC for people who do not have bank accounts. The digital currency is issued and serviced by the central bank of the state. The amount of such money is strictly tied to the treasury reserves and the current exchange rate. The state distributes part of the stablecoins between banks and other financial institutions, and leaves some directly for operations.

You don’t have to choose a bank to join the system intermediary. The user can download a special application and receive there, for example, a salary in stablecoins. At the same time, CBDC can be listed not only by the state itself, but also by commercial banks, individuals, companies. This is possible through the cross-border payment option.

In the future, other financial instruments can be added to this roadmap – microlending, peer-to-peer lending, smart contracts, and so on. That is, in fact, stablecoin is becoming a more advanced analogue of online payments.

At the end of the interview, the CEO of Bitt added that they are now “working on one of the Eastern European countries which we really like. ” Let’s hope that this sympathy will result in a good project, and Ukrainian users will like it. Stay tuned and don’t miss the latest news.

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