29 Nov '15, 7pm

Barbados and Bitcoin? Central Bankers advise the island nation to hold Bitcoin in its Foreign Reserves

“Given that the proportion of transactions done by Barbadians in digital currency is not likely to exceed ten per cent of all transactions in the short run, it is therefore [recommended] that if Bitcoin is incorporated into the portfolio of foreign balances of the Central Bank of Barbados, that its share should be relatively small.” As a result, it is possible that digital currency could become a key currency for settling transactions. In addition, given that Barbados maintains a peg against the US dollar, it is necessary that the Central Bank of Barbados holds enough of various currencies as a precaution against speculative attacks,” they said. The counterfactual exercise suggests that had the Central Bank of Barbados held a relatively small proportion of its portfolio in Bitcoin between 2009 and 2015, the impact on reserve balance volatility (due to exchange rate variati...

Full article: https://ihb.io/2015-11-29/news/barbados-and-bitcoin-26685...

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