As digital payments become more and more the norm, the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) has released a study indicating the urgency of the Caribbean as a region to address regional shortfalls in payment technology infrastructure, with an eye towards oversight and innovation.
The creation of knowledge exchange networks and development of standardized public policies regarding digital currencies are essential to leveraging the collective intelligence of the Caribbean – with a nod to CARICOM’s work to generate an Information and Communication Technology (ICT) arena.
The existence of the Organization of Eastern Caribbean States’ Central Bank is a major starting point for managing regulatory mandates for both digital currency and mobile financial exchange methods. In addition, the increase in the flow of monies will necessitate sophisticated monitoring and cooperative relationships with law enforcement.
The question is not when, but how the Caribbean will be best positioned to not only take advantage of digital currency exchanges, but avoid exploitation. Download and review the report here (PDF): ECLAC-S1501234_en