Mia Mottley spoke at a conference about a network for digital payments for Barbadians provided by the Government. Digital Money. 

“Our people want digital money and…want the ease and security of electronic payments, and as a result, what must happen, is face to face discussions with urgency…such that we can launch the Barbados mMoney pilot…that facilitates…digital payments for our people in Barbados,” Minister Motley said. 

Mia Mottley expressed concerns about the conflict between Bitt and some in the commercial banking sector. Most banks were “hostile”, and one even referring to the mMoney wallet as a “potential danger to the financial system.

“We are seeking to demonstrate what hundreds of merchants and now thousands of users know already, that digital currency is ready to be used as a complement to existing payment methods both in Barbados and across the region,” Rawdom Adams replied.

“We will do so by identifying the genuine precepts that hinder competitiveness…Our duty is to protect and to facilitate fairness and transparency and that is where our regulation must start…We will facilitate those who want to dabble by creating the appropriate sandbox regulatory regimes for those to dabble…But we will not hobble development and constrain progress by refusing to admit that the world continues to evolve,”