Bank exec stresses potential locally to tap into cryptocurrencies

President of Royal Fidelity Merchant Bank & Trust Limited Michael Anderson said that Bahamian businesses definitely have the potential to tap into the cryptocurrency industry, which is a popular system being used for digital currency.

Cryptocurrency, which is facilitated through blockchain technology, has been an increasing topic of interest for growing financial markets.

Speaking with Guardian Business in a recent interview, Anderson said, “There is an opportunity for Bahamian business to get into that space.

“I think it’s all new. Cryptocurrencies are growing by the day. There are so many cryptocurrencies being formed daily and these are becoming more singular purpose currencies as opposed to global currencies. I think we are going to move towards global currencies.”

Regional companies such as Barbados-based financial technology firm Bitt Inc. are already utilizing blockchain technology, which helped to launch a blockchain-based version of the Barbadian dollar in 2016.

Anderson said The Bahamas also has the potential to form a digital version of its currency.

He suggested that residents in The Bahamas could benefit from international experts coming down to educate interested parties about cryptocurrencies.

Anderson also pointed out that cryptocurrencies are a part of The Central Bank of The Bahamas’ move to liberalize exchange controls.

“As currencies move beyond the typical Bahamian-U.S. dollar type of relationship, where you don’t have to get those approvals… I think the Central Bank is going to find itself less and less able to control it.”