Antigua and Barbuda advised to fully utilise crypto currencies’ technology

Antigua and Barbuda has been advised to move past simply “embracing” crypto currencies to fully taking on board the technology that enables the existence of the virtual currencies such as Bitcoin.
The counsel comes from Dr. Justin Ram, director of economics at the Caribbean Development Bank.
The Gaston Browne administration is drafting legislation that would allow crypto currencies to be used in business transactions, including for services provided by state agencies and departments.
Dr. Ram told OBSERVER media that block chain technology more so than crypto currency, is the real “gamechanger” for countries in the region, including Antigua and Barbuda.
So what is this technology of which the CDB’s director of economics raves?
A blockchain is a decentralised, distributed and public digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the collusion of the network.
“It can be used for all types of transactions, including land deeds,” Dr. Ram said.
According to him it would be a major plank of transforming regional economies into digital economies in conformity with the global trajectory.
“So it goes back to my earlier point about how do we move to a greater use of a digital economy and being prepared for that,” the CDB executive noted.
That was how he framed his answer to the newspaper’s initial question of how the bank would advise Eastern Caribbean countries to proceed, following the invitation of Venezuela’s President Nicholas Maduro for them to join the South American country in launching a petro currency. It is in response to what Maduro says is Washington’s financial blockade against his country.
Last Friday, Maduro said Venezuela would issue 100 million units of its new oil-backed cryptocurrency in coming days. The dollar value would be U.S. $5.9 billion.
Analysts say it is unclear whether any investors will want to purchase the “petro” at a time when the OPEC member is going through a deep economic crisis and its leftist government has little credibility.