Unchained How the Caribbean Got on the Road to Central Bank Digital Currencies - Ep.127
Jul 9, 2019
Gabriel Abed, founder of Bitt.com and a pioneer in Caribbean blockchain initiatives, shares his exciting journey from Bitcoin mining to advocating for central bank digital currencies (CBDCs) in the Caribbean. He discusses the challenges of securing support from central bank governors and reveals the innovative M Money product poised to transform digital transactions. Abed highlights his collaborations, including notable investments in Bitt, and emphasizes how blockchain technology can enhance financial inclusion and reshape local economies. His insights on the interplay of Bitcoin and CBDCs offer a fresh perspective on the crypto landscape.
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Overstock's Investment
- Gabriel Abed pitched central bank digital currencies (CBDCs) at Satoshi Roundtable.
- Overstock's Patrick Byrne, impressed by Abed's vision, invested millions in Bitt.com.
Initial CBDC Pitch
- Gabriel Abed initially pitched CBDCs to central banks, focusing on efficiency and financial inclusion.
- He argued that CBDCs could solve remittance problems and empower the unbanked.
Early Barbados Dollar and ECCB Partnership
- Bitt.com's initial Barbados dollar was similar to Tether, representing the digital version but not legal tender.
- The Eastern Caribbean Central Bank partnered with Bitt.com to explore a legal tender CBDC.