Central Bank approached about Bitcoin ATM

THE CENTRAL Bank has received expressions of interest about Bitcoin ATMs, digital wallets, and a pilot Central Bank digital currency, says Central Bank Deputy Inspector Michelle Francis-Pantor.

She was speaking today at the Institute of Chartered Accountants of Trinidad and Tobago The Cryptocurrency Debate held at the Chamber of Industry and Commerce offices, Westmoorings.

She said the Central Bank did not have numbers about the digital currency space in Trinidad but has been receiving expressions of interest in these areas. She said the Central Bank believes opening the space for entities other than financial institutions will help to deepen payment systems. She also said there will a need for legislative amendments or new legislation to holistically treat with cryptocurrencies.

Francis-Pantor said the regulatory stance has been to accommodate while being cautious and monitoring. She said the bank has developed draft virtual monitoring policy and electronic money policy both which should be out for comment by October or November this year. She added any Central Bank digital currency would not be in the cards before next year.