Written with the aim of providing local policymakers with a balanced appraisal of the benefits and risks of digital currencies such as bitcoin, the report examines the use of the technology in the Caribbean and discusses the broader context of its emerging use at the global level.
Notably, the paper recommends further exploration into the technology with the ultimate aim of turning the region into a FinTech and digital currency hotspot.
The author writes:
"Given the deficiencies in the sub-regional payments infrastructure, and the broader need to increase participation in the digital economy, it is incumbent upon Caribbean authorities to ... examine the opportunities for innovation that digital currencies offer."
The commission further considers how digital currencies could address regional deficiencies in the electronic payment infrastructure, and provides an overview of mobile money solutions and their relationship to digital currency.