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From July 1 to 3, the Central Bank of Barbados will host an online workshop on central bank digital currencies (CBDCs).
“This workshop will allow us to explore the opportunities and issues related to CBDCs," explained Michelle Doyle-Lowe, Advisor to the Governor and head of the Bank's Digital Transformation Unit.
Doyle-Lowe also revealed some of what will be on the agenda at the invitation-only workshop. "This will be a forum where we can engage with local and international innovators, stakeholders in the domestic payments market, as well as hear about the experiences of our regional neighbours who are currently undertaking CBDC projects." The Central Bank of the Bahamas and the Eastern Caribbean Central Bank both have pilot projects at advanced stages. The Bank of Canada will also share their CBDC testing results.
“As Governor Haynes has stated on numerous occasions, Barbados is looking to eliminate cheques, reduce the reliance on cash and increase the use of electronic forms of payment. This workshop will help us to examine one option that could potentially enhance payment efficiency, namely electronic fiat money or CBDC as it is commonly known.”
During the workshop, the Bank's Chief Economist, Darrin Downes will also share the findings of a regional payments survey that was conducted in October 2019.