Following up on a 2022 conversation we had about digital currencies in the Caribbean region, Dr. Jan Schröder of CaribCoin, and Rodney Taylor of the Caribbean Telecommunications Union are back to provide an update on CaribCoin, a regional stablecoin backed by Caribbean assets that will provide a faster and more cost-effective alternative for regional cross-border payments that can also foster Caribbean prosperity. Areas touched on during this conversation include: the value proposition of CaribCoin and the role it could play in strengthening the resilience of the region; success and risk factors associated with the integration of CaribCoin;  the safety measures that have been put in place to foster trust in CaribCoin; and what is next for CaribCoin.

 

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In 2022, a concept paper was released on CaribCoin, a regional stablecoin backed by Caribbean assets that would act as a complementary currency to facilitate a quasi-monetary union for the Caribbean region. Nearly three years later, an initial proof-of-concept exercise has been completed. Now, businesses operating in Barbados, Saint Vincent and the Grenadines and Trinidad and Tobago are being invited to participate in a wider field test that is slated to begin in June 2025.

Since our last discussion on a regional stablecoin, as part of our Fintech in the Caribbean series, we have circled back to get an update on CaribCoin, including important learnings that have been made and how it could be a digital catalyst for regional prosperity.

 

Introducing our guests

Secretary General Rodney Taylor

Rodney Taylor is the Secretary-General of the Caribbean Telecommunications Union (CTU). Prior to this appointment, he held senior positions in the Government of Barbados, serving as the Chief Digital Technology Officer at Barbados’ Ministry of Industry, Innovation, Science and Technology (MIST) where he led the nation’s digital transformation, focusing on enhancing public sector service delivery through strategic innovation, science, and SMART technology applications. Additionally, he served as the Head of the Information Systems Unit at Barbados’ Ministry of Foreign Affairs and Foreign Trade, where he oversaw operations at both local and overseas missions.

With over 30 years of professional experience in the Public Sector, Secretary-General Taylor currently supports collaboration amongst Caribbean Governments and other ICT Stakeholders in shaping regional ICT policies and in the implementation of national digital transformation strategies. He currently chairs the International Telecommunication Union’s (ITU) Informal Expert Group for the World Telecommunication/ICT Policy Forum 2026 (IEG-WTPF).  He is also a member of the International Advisory Body for Submarine Cable Resilience, which was established by the ITU in partnership with the International Cable Protection Committee (ICPC) in November 2024.

Dr Jan Schröder

In 1991, Dr Jan Schröder transitioned from his work in elementary particle research at CERN, the European Organisation for Nuclear Research in Geneva to the field of social innovation, focusing on network governance and social impact management.

He is a strong believer in collaborative networks as a means to achieve sustainable social and economic solutions. Jan is internationally recognised as the architect of the German initiative ‘Local Alliances for Family,’ which has brought together over 25,000 institutions in more than 700 local stakeholder networks, generating 1 billion media contacts to promote a family-friendly society.

Currently, Jan is exploring the potential of Distributed Ledger Technology (Blockchain) to scale social impact. He leads an experienced team to develop Carib$, a complementary currency for the Caribbean.

Additionally, he works as a consultant in the health and care sector, specializing in innovation and network management, with a particular focus on applying AI to societal inclusion.

Jan’s credo: *Cooperation is structure, content, and attitude in achieving impact together with partners and clients. Together we can do more with fun and the drive to make the world a better place for people and planet.*

 

Insights into our conversation

Although it would appear that CaribCoin is progressing slowly, it has to lay the proverbial tracks – such as building trust among the Caribbean business community for a novel venture, forging strategic partnerships and addressing legal and regulatory requirements – whilst the train is moving. Nevertheless, it was great to learn that progress has indeed been made since our initial conversation in 2022.

CaribCoin remains an exciting region development, that could transform the Caribbean region’s digital payments landscape by making it easier to do business in the region, especially in light of the recent geopolitical climate. Moreover, CaribCoin will be doing what other regional cross-border settlement systems are doing by reducing the dependency on international or external platforms resulting in improved resiliency, control and autonomy. Below are key questions that drove this interview.

  1. Dr Schröder:  For those who missed our last conversation, what is Carib Coin and what problem is it trying to solve?
  2. Dr S: In 2022, Carib Coin was still a concept, what has happened since then?
  3. Secretary-General: Why is the CTU supportive of this initiative?
  4. SG and Dr S: Do you see a role for Carib Coin in strengthening the resilience of the region in the face of current geopolitics and the ongoing US trade investigation?
  5. Dr S: The creation and use of a stablecoin, such as Carib Coin is not new. Can you share some examples and some important learnings from those experiences that will be applied in this region?
  6. SG and Dr S: What are the success factors and risks associated with the successful integration of Carib Coin?
  7. Dr S: Having successfully completed the initial/proof-of-concept trial, what is next for Carib Coin?

 

We would love to hear your thoughts!

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Also, if you or a member of your network is interested in joining us for an episode, do get in touch.

Let’s make it happen!

 

Select links

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

 

 

Images credit:  J Schröder;  CTU;  DEZALB (Pixabay);  pch.vector (Freepik);  Freddy (Pixabay)

Music credit: The Last Word (Oui Ma Chérie), by Andy Narrell

Podcast editing support: Mayra Bonilla Lopez