Blockchain Fintech Firm Bitt Digital Finally Gets Approval from Barbados Central Bank
After an 8-month long review, Bitt Digital Inc. has finally exited the rigorous Regulatory Sandbox of the Central Bank of Barbados and the Financial Services Commission. The process was successfully completed on July 5, 2019, making the company the first to achieve this almost insurmountable feat.
Part of the tests offered by the Sandbox to Bitt was the chance to streamline the company’s Blockchain-based fintech products and services, as well as its business models. All of that was done in a controlled environment where consumers and stakeholders’ interests were best-taken care of.
While speaking in the wake of the successful completion of the review, Cleviston Haynes, the bank’s Governor, confirmed that the Regulatory Review Panel had been satisfied with Bitt’s operations. According to him, the nature of business trialed satisfactorily placed the firm under regulation, saying that the RRP had officially completed the testing period.
Bitt, a portfolio company of Overstock’s Medici Ventures, had previously launched a digitized Barbadian Dollar. The launch had preceded early 2016 $4 million investment by Medici Ventures.
Now with this achievement, Bitt is confident that its array of Blockchain-based fintech products and services are of the right quality. The company’s CEO, Rawdon Adams, spoke of the essence of technology in revolutionizing the financial services sector, especially when it comes to boosting productivity.
According to him, it is crucial for all companies in the financial services platform to have regulators, especially for oversight purposes. He further said that they would use the outcome of the Sandbox to reassure their partners and consumers on the quality of their products and services.
Bitt’s CEO also waded into the importance of the pending Data Protection Act, especially with regards to their exit from the sandbox. He said that everyone, from consumers, businesses, investors and licensed financial institutions to governments can now trust that Bitt is permitted to operate in Barbados.
The Central Bank of Barbados
The country’s Central Bank is the only powerful policymaker, ensuring that it formulates all monetary and fiscal procedures. All the policies it creates are made in tandem with the Barbados government, ensuring that they all are in line with their economic development agenda.