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Caribbean Urged To Explore Digital Currency Opportunities

by Mike Godfrey, Lowtax.net, Washington
10 February, 2016

Caribbean territories could improve prospects for their international finance centers by considering regulations and tax frameworks for digital currencies, according to a new report published by the UN Economic Commission for Latin America and the Caribbean (ECLAC).

The report, authored by Shiva Bissessar, notes that Caribbean territories that focus on financial services have said they are keen to emulate Singapore's successes. However, the report highlights that "the uneven level of development in the innovation sector between Singapore and the Caribbean poses challenges to the subregion's current ability to emulate said economic growth."

The report explores the benefits of enabling the use of digital currencies, such as cutting the cost of international monetary transfers and supporting the development of the digital sector.

The report recommends that the Caribbean follow the direction taken by the UK and other countries, which engaged in consultations with the public before establishing appropriate regulatory and taxation regimes.

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