The Central Bank of the Republic of Haiti, La Banque de la Republique d’Haiti [BRH] made an important announcement last month. Barbados-based fintech company, Bitt had a session where they explained the benefits of a blockchain-based Central Bank Digital Currency to many important figures in Haiti.
“Currently, over USD3 billion is remitted to Haiti – that’s over 30% of its GDP. World Bank data indicates that the fees paid on those remittances can be as much as 19%. Every 1% reduction in those costs is over USD30m a year more in the pockets of the people who need it most.”, Rawdon Adams CEO of Bitt stated at the meet.
Adams went on, “…Today only 32% of Haitians are banked, yet 64% have mobile telephones. A central bank digital currency would connect existing fragmented, closed-loop financial service offerings in the country…All transactions – including remittances – become vastly cheaper, faster and more secure”.
Bitt’s PR Officer hails from Haiti. Hence, Mrs. Maclyne Warner was part of the delegation. Bitt’s Chief Economist, Marla Dukharan, and CBD Officer, Simon Chantry were also at this meet. The audience included reps from international funding organizations, along with banks and telecom executives.