CARICOM Digital Currency Sovereignty
Description
Support lobbying for a unified Caribbean central bank digital currency system across CARICOM member states, reducing dependence on foreign payment networks, lowering remittance costs, and increasing financial inclusion.
Presented By Victoria Bam
This Movement Is Currently
In The Fundraising Stage.
FINANCIAL AUTONOMY FOR THE CARIBBEAN
Caribbean nations face unique financial challenges: • High vulnerability to de-risking by global banks • Remittance fees averaging 7.3% of transfer value • 30-40% of adults remain unbanked or underbanked • Tourism-dependent economies with volatile cash flows • High disaster recovery costs requiring rapid fund mobilization
A regional digital currency offers transformative potential for addressing these challenges while preserving monetary sovereignty.
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THE CARICOM DIGITAL CURRENCY FRAMEWORK
Our campaign advocates for a comprehensive regional approach with five key components:
𝟏. 𝐂𝐨𝐨𝐫𝐝𝐢𝐧𝐚𝐭𝐞𝐝 𝐂𝐞𝐧𝐭𝐫𝐚𝐥 𝐁𝐚𝐧𝐤 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐂𝐮𝐫𝐫𝐞𝐧𝐜𝐲 (𝐂𝐁𝐃𝐂) 𝐒𝐲𝐬𝐭𝐞𝐦 • Interoperable CBDCs across CARICOM member states • Shared technical infrastructure reducing development costs • Coordinated regulatory approach ensuring consistency • Preservation of national monetary policy autonomy • Protection against private cryptocurrency dominance
𝟐. 𝐒𝐞𝐚𝐦𝐥𝐞𝐬𝐬 𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐏𝐚𝐲𝐦𝐞𝐧𝐭𝐬 𝐄𝐜𝐨𝐬𝐲𝐬𝐭𝐞𝐦 • Integrated real-time settlement system • Drastically reduced intra-regional transaction costs • Independence from foreign payment networks • Cross-border retail payment capabilities • Direct integration with government services
𝟑. 𝐑𝐞𝐦𝐢𝐭𝐭𝐚𝐧𝐜𝐞 𝐑𝐞𝐯𝐨𝐥𝐮𝐭𝐢𝐨𝐧 • Direct diaspora-to-recipient transfers bypassing intermediaries • Fee reduction from 7.3% to under 1% • Instant settlement versus current 2-3 day delays • Transparent exchange rates and processing • Integration with existing mobile money platforms
𝟒. 𝐈𝐧𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐀𝐫𝐜𝐡𝐢𝐭𝐞𝐜𝐭𝐮𝐫𝐞 • Simplified onboarding for unbanked populations • Offline functionality for areas with limited connectivity • User-friendly interfaces designed for all literacy levels • Low-cost feature phone compatibility • Agent networks in rural and underserved communities
𝟓. 𝐃𝐢𝐬𝐚𝐬𝐭𝐞𝐫 𝐑𝐞𝐬𝐢𝐥𝐢𝐞𝐧𝐜𝐞 𝐂𝐚𝐩𝐚𝐛𝐢𝐥𝐢𝐭𝐢𝐞𝐬 • Rapid aid distribution mechanisms • Functioning payment systems during telecommunications disruptions • Programmable money for targeted relief distribution • Backup systems ensuring continuous operation • Immediate cross-border assistance activation
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OUR ADVOCACY STRATEGY
Our campaign will engage: • CARICOM Secretariat and member state finance ministers • Central banks across the Caribbean • Regional financial technology developers • Banking and telecommunications providers • Consumer and financial inclusion advocates
Building on the successful pilot of DCash by the Eastern Caribbean Central Bank, we’ll create a blueprint for region-wide implementation that respects national sovereignty while unlocking the benefits of digital currency innovation.
Support financial sovereignty and inclusion for Caribbean nations through this pioneering approach to monetary technology.
Meet The Organizer
Victoria Bam
Organizer
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