BRIDGETOWN, Barbados, July 02, 2024 – CaribCoin, the company pioneering a complementary currency designed to facilitate seamless transfers and economic integration within the Caribbean, is pleased to announce the successful completion of the first meeting of the Carib$ Advisory Group on June 19, 2024. This milestone marks a significant step towards the official launch of the complementary currency, Carib$, at the upcoming Stakeholder Consultation of ConnectCaribé which will take from July 23-24 at the Lloyd Erskine Sandiford Center in Barbados.
The advisory board, comprising esteemed members from the CARICOM Private Sector Organization (CPSO), the Caribbean Telecommunications Union (CTU) and EconUCC Ltd. (EUCC), convened to discuss the strategic direction and implementation plans for Carib$. The meeting underscored a collective commitment to leveraging a complementary currency to enhance regional trade and economic resilience.
Carib$ is designed to facilitate near-instant, low-cost cross-border transfers within the Caribbean, eliminating the need for reliance on the USD. By leveraging digital technology, Carib$ reduces transfer costs and enhances financial efficiency, providing businesses with a secure, scalable solution to handle regional transfers. Carib$ is always redeemable for local currency in participating member states.
The Secretary-General of the CTU, Mr. Rodney Taylor, concurs that, “The Caribbean region is poised to benefit significantly with the introduction of Carib$ as it will facilitate enhanced financial inclusion, streamlined cross-border transactions and modernise not only our financial systems, but also foster greater economic collaboration among CTU Member States”.
The Stakeholder Consultation of ConnectCaribé, scheduled to be held on July 23rd and 24th this year, will serve as the official platform for the launch of Carib$. This event will bring together key stakeholders from across the region to discuss and explore the future of maritime trade, a significant use case for the Caribbean-owned complementary currency.
“Carib$ is poised to play a crucial role in achieving the objectives of the 25 by 2025 initiative. By reducing transaction costs and facilitating smoother intra-regional trade, Carib$ will help to unlock new economic opportunities for businesses across the region,” reflected CEO of the CPSO, Dr. Patrick Antoine.
“We are thrilled to have the support of such a distinguished advisory board. Their trust, insights and guidance are invaluable as we prepare for the launch of Carib$ at the CMTTS,” Chief System Architect of CaribCoin, Dr. Jan Schröder.
The CPSO is an umbrella organisation representing the interests of the private sector within the Caribbean Community (CARICOM). It aims to promote private sector development, advocate for policy reforms, and enhance economic integration among Member States.
Established in 1989 by CARICOM, the CTU is an inter-governmental organisation dedicated to promoting and supporting the development of the Caribbean information and communication technologies (ICT) sector for the socio-economic development of the region.
EUCC is an innovative company focused on developing and implementing digital complementary currencies to strengthen economic regions, starting with the Caribbean. EUCC collaborates with governments, businesses, and communities to design and deploy regional currency solutions tailored to the unique needs of different economic areas.
For more information about Carib$ and its advantages for cross-border transfers in the Caribbean, visit www.caribcoin.com
