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Posted: Tuesday 22 May, 2018 at 5:17 PM

Cryptocurrency will make cash obsolete, says advocate

By: Jermine Abel,
    BASSETERRE, St. Kitts, May 22, 2018 - - WITH cryptocurrency becoming the latest talking point in the Eastern Caribbean, Advocate, Jeffrey Tucker believes that the initiative is great for all financial institution across the region.
    SKNVibes News sat down with Tucker, who was in St. Kitts and Nevis for the Caribbean Investment Summit, and he explained that the system is a new form of money catching on across the world.
    Blockchain technology has gained in popularity over the last two years, and it has now seen the Eastern Caribbean Central Bank (ECCB) pushing to have consultations on moving it forward.
    Tucker explained that to his knowledge many banks are interested in implementing blockchain technology within their banking structure – an initiative he fully supports.
    Blockchain technology is said to be a digital ledger that records various transactions through computers, which does not allow for altering without the requisite block technology.
    The implementation of the technology will minimize risk amongst “counterparty relationship”, Tucker revealed, noting that it reduces the need for the large-scale background checks.
    “Right now, under our current system, they [banks] are very exclusionary where they say that you are not our type of person – you can’t have a bank account. You don’t have good credit. Bitcoin doesn’t care, all it cares about is that you are a human being with a desire to do something wonderful.”
    The view according to Tucker is that cryptocurrency will diminish the entire control governments have over money.
    Against that backdrop, Tucker said that cryptocurrency will demolish the monopoly Central Banks have over the next five to 10 years, positing that during that time span more people will begin to use the currency thus making national currencies “obsolete”.
    “That is going to be a problem for governments,” he said.
    Bitcoin representatives, who were present in St. Kitts for the Summit disclosed that several of their automated teller machines (ATMs) will installed in the federation in the coming months.

    The event is sponsored by amongst others, Caribbean Galaxy Real Estate, Bluemina Citizenship and Immigration,, BDO, S-RM, Apex Capital, Christophe Harbour, Exiger, Joseph Rowe Law and PassPro. 
    Sponsorship and delegate packages are available for those who wish to attend via the website Enquiries are encouraged via the email
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