Cryptocurrencies, digital currencies and blockchain technology have gained considerable prominence in the last two to three years, and many countries across the Caribbean region have been actively exploring how they can capitalise on the opportunities such technologies afford. Gabriel Abed, one of the co-Founders of fintech firm, Bitt, and a leading voice in the digital currency evolution in the Caribbean, helps us to understand how those technologies can help the Caribbean leapfrog to become digital leaders, and how the ordinary consumer, as well as tech entrepreneurs, should approach that space.

 

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Over the past year or so, a week has not gone by when cryptocurrencies, digital currencies or blockchain technology was not in the news. Whether it was the high market value of Bitcoin, or its drastic and swift decline, or countries across the world, including right here in Caribbean, actively exploring issuing their own digital currency, or eagerly looking for ways to secure first-mover advantage in the blockchain space, these technologies have sparked the curiosity not only of techies and business people, but also the Ordinary Joe, who is wondering how he can also jump on that bandwagon.

Here in the Caribbean, Bitt, a financial technology company, headquartered in Barbados, that offers a digital currency exchange and mobile money services, first began to gain regional/mainstream attention in around 2016, when it launched its mobile money wallet, following the earlier establishment of its digital currency exchange. Since then, the company has broadened and deepened its service offerings, but more importantly, it has cemented some strategic relationships with Caribbean central banks, such as in Barbados, the Eastern Caribbean, Curaçao and Sint Maarten, to support those institutions in evaluating whether to issue their own digital currencies and/or in implementing pilot programmes that use blockchain technology.

Gabriel Abed

It was thus a privilege to speak with Gabriel Abed, one of the Founders of Bitt Inc. who is recognised as a leading Caribbean authority on digital currencies, mathematics-based protocols and blockchain technology. He is also internationally-acknowledged as a pioneer in the digital currency evolution, having led the movement of central bank-issued cryptocurrencies, plus discussions on the subject of blockchain technology at organisations including, the Caribbean Development Bank, the International Monetary Fund, the World Bank, the United Nations, and the Commonwealth Secretariat.

So, in chatting with Gabriel, we covered cryptocurrencies, digital currencies and blockchain technology – all of which are interconnected and are being actively explored in the Caribbean region. Also, in light of Gabriel’s depth and breadth of knowledge and experience, and on behalf of you, our audience, we sought his advice on how the Average Joe and entrepreneurs can capitalise on the opportunities that are emerging. Topics covered during the interview were:

  1. Key trends currently occurring in the digital currency/cryptocurrency space
  2. Whether cryptocurrencies are experiencing a bubble
  3. What might be spurring the interest of Caribbean countries in blockchain and cryptocurrencies, and even the plans to issue their own digital currency
  4. What Bitt is about, and what drove Gabriel and his fellow co-Founder, Oliver Gale, to set up the company
  5. Whether there was a time when Gabriel’s confidence in his idea was shaken, and if so, how he managed to keep the faith
  6. Whether Gabriel and his team had to pivot Bitt, and how the business concept/model evolved from what was initially envisaged
  7. Where Gabriel sees Bitt in the next 2—3 years
  8. In light of the ambivalence, volatility, etc., that has been experienced in the cryptocurrency space, Gabriel’s advice on how consumers and/or vendors could trust their money on platforms, such as Bitt
  9. Gabriel’s advice give to a new, entrepreneurs who might be eager to develop digital payments, e-commerce, crypto-currency investment, blockchain-based products or services
  10. Gabriel’s thoughts on the requirements for countries to have a vibrant and effective digital payments and crypto-currency environment that is investor-sensitive and yet, protective of the consumer.

We would love to hear your thoughts!

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Select links

Below are links to some of the organisations and resources that either were mentioned during the episode, or otherwise, might be useful:

 

 

Image credits:  torange.biz;  Bitt

Music credit: Ray Holman