Cryptocurrency in Trinidad and Tobago

Should Trinidad and Tobago have its own Cryptocurrency? I attended a webinar held by Central Bank today where they began talking about a “stablecoin” being introduced and regulated within Trinidad and Tobago. I must admit that this was a little bit fascinating to me on a few levels. Let me explain

Do we need our own Cryptocurrency?

According to central bank, there is a great need for the underbanked to have access to financial services. I agree with this point 100%. Cryptocurrency is supposed to be that mechanism to allow more individuals access to ways and means to manage their own money right? The answer is a clear YES! We need our own Cryptocurrency but that depends on the implementation of it.

Other economies around the world are experimenting with introducing regulated Cryptocurrency. Some are looking into the feasibility as well as if their economies actually need one. Again, I think that we can benefit from our own here in Trinidad and Tobago.

Are we ready for our own Cryptocurrency?

Trinidad and Tobago…. Regulations… Sigh!!! I think we all know that Trinidad and Tobago’s systems are far from ready. Especially since this is going to be regulated. On the webinar they were talking about how the currency would be issued, how we would get access to it etc. You’ll need an account, you’ll have to be verified, you’ll only be able to access currency through verified means… To be honest that sounds worst than trying to get your hands on some USD right now! When last have you tried opening a bank account in this country? A process that about two decades ago (when I first opened a bank account) which used to take a few minutes has become a process where you are going to wait for months to get an appointment. Usually that one appointment is not enough by the way…

In order for this to work we will need an entire overhaul of the banking sector or central bank would have to make up their minds to lessen the regulations.

My personal thoughts on the matter.

I’ve been waiting for a while now for a government to create a Cryptocurrency that can be accessible to everyone, no matter their socioeconomic background, what country they are from and what they do for a living. Unfortunately this (lets call it Trinicoin for now) Cryptocurrency will not be that! A HUGE SIGH!!!

Why not go all in with Bitcoin or one of the many others? I don’t think they are ready to be used as real currency as yet. That is a recipe for disaster. Currency needs to be stable enough to be used on a daily basis to purchase basics such as bread or gas for your car. A loaf bread cannot fluctuate in price as much as those open market cryptos have been since they were launched. This is the reason I want governments and real economies to embrace them. A Cryptocurrency needs to be a Stablecoin for it to really work.

Anyway we have to wait it out. Let’s see what they come up with over the next few months or years. Maybe we get a Cryptocurrency that works or we end up with another half baked plan and shrug it off as “This is Trinidad”/