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…says it can be helpful in curbing corruption, crime
Acting Leader of the Opposition, Roysdale Forde, S.C said as e-commerce continues to grow in popularity, Guyana must take necessary steps to achieve higher levels of efficiency as he made a case for the country to incorporate the use of Digital Currency.
“The currency that Guyana uses must align with the current global trend. News reports indicate that over 60 countries are seeking to develop digital currencies as a further means of increasing efficiency in their economies. Guyana should be moving in that direction as well if it also wants to be competitive,” the Opposition Member of Parliament told Village Voice News on Saturday.
According to Investopedia, Digital Currency is a form of currency that is available only in digital or electronic form. It is also called digital money, electronic money, electronic currency and cyber-cash. Notably it is only accessible through computers or mobile phones.
Forde said Guyana is operating in a global environment that is relentless in its search for ways to achieve higher levels of productivity and efficiency, and as such, it must do what’s necessary not to be left behind.
He said the country, however, must avoid creating internet monopolies and promote true competition in that space. “As you know, our colleagues in Jamaica have taken steps in this regard and are testing a digital currency. We in Guyana should do the same. We should not be afraid to engage our best talent in such an exercise,” he said.
The A Partnership for National Unity + Alliance For Change (APNU+AFC) Member of Parliament said there are many benefits to be derived from the use of digital currency, such as the reduction in corruption, and financial crimes.
“I am making this proposal because it has the likely added benefit for households, businesses and government of curbing corruption and other crimes,” he said.
The Opposition Leader (ag) intends to consult with the Opposition and other stakeholders on digital currency with the intent of having a team in place to engage businesses and government on this issue as a priority.
Earlier this year, the Bank of Jamaica minted the first J$230 million in Central Bank Digital Currency (CBDC) which will be issued to deposit-taking institutions and authorized payment service providers during the pilot which ends in December.
According to a Jamaica Observer report, Founder and Chief Executive Officer (CEO) of eCurrency, Jonathan Dharmapalan has assured that Jamaica’s digital currency will not be a “security headache.” Based on the report, the minting equipment was provided to the Bank of Jamaica by eCurrency, which has assured that the currency once produced cannot be counterfeited