MP Wescot-Williams wants the CBCS to make an urgent public statement regarding crypto currencies, legal tender and financial supervision



PHILIPSBURG, Sint Maarten — “it would behoove the Central Bank of Curacao and St. Maarten (CBCS), that in the recent past cautioned against the potential pitfalls of cryptocurrencies, to inform the public of the monetary union (Curacao and St. Maarten) on its present stance on this highly technical matter. Moreover, the CBCS should be at the forefront of educating and informing the population of the union on the matter of financial digitalization and prudence, as we all are being bombarded with proposals and offers of the “magic” of digitalized systems and crypto assets”, MP Wescot stated.

The CBCS not too long ago announced its Instant Payment System rollout. This is however in the sphere of digital banking and a far cry from cryptocurrency development, offering or cryptocurrency services. Throughout Europe and the Caribbean, central banks are rolling out bank-backed digital currencies, as they continue to responsibly ride the financial digital wave. Case in point, the DCash program of the Eastern Caribbean Central Bank, the MP continued to explain.

MP Wescot reminds the CBCS that in May 2018, the central bank summarized the following:
“In the meantime the Bank is drafting a Payment System Act which once approved by the respective parliaments, will provide the legal basis for authorizations and regulations of the abovementioned institutions.”
In that article, “abovementioned institutions” are listed as: Electronic Money Institution, a Payment Institution or a Cryptocurrency exchange/-ATM.

Where is this Payment System Act at presently?, the MP queries.

Suddenly, by the promotional video of member of parliament Rolando Brison, marketing Bitcoin Cash, our Central Bank has been pulled in and so has the Ministry of Finance. Brison is calling out the Minister of Finance to make good on his promise “ that crypto and blockchain adoption was a priority area to research.”

“You would think the CBCS would be consulted on the MP’s “exploration to make bitcoin cash legal tender in the country.” If the CBCS was consulted, it surely was not mentioned in the promotional article and video. What one could not miss from the promotional video however, is that it regards THE PARLIAMENT OF SINT MAARTEN.” Question is why?

“It therefore behooves me once again to state that MP Brison does not represent the parliament of St. Maarten, and surely not with this type of promotional gimmicks.
This is at most a UPP and or the governing coalition’s reckless approach to such a multi-facetted and potentially detrimental topic”, the MP said, making her position abundantly clear.

“Digitalization? Most definitely and also in the financial, banking and investment sectors, the MP added, but when it comes to crypto-assets however, any self-respecting country would tread with caution and exercise extreme diligence.”

With a stroke of a pen by an individual member of parliament, Sint Maarten has made international headlines in the digital financial and investment world. We are being used in the race for ‘nation state adoption’ of a cryptocurrency between competing cryptocurrency developers, Bitcoin and Bitcoin cash, a decision on behalf of our ‘nation state’ by 1 member of parliament.