Bitt will now seek to equip its mobile app to allow users to perform know-your-customer (KYC) and anti-money laundering (AML) checks as necessary to help it build a network for currency exchange, he explained.
To create its digital dollar, Bitt takes advantage of the Colored Coins protocol, which allows for the creation of new assets on top of the Bitcoin blockchain.
Bitt’s version of the Barbadian dollar is therefore able to act as a digital asset, with its value honored 1:1 with the country’s government-backed currency.
The startup says these offerings will help it appeal to users who may be turned off by Bitcoin’s sometimes unpredictable market volatility and slow confirmation speeds.
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