CBCS does not supervise institutions that deal with cryptocurrencies

WILLEMSTAD - The Central Bank of Curaçao and Sint Maarten (CBCS) currently has no authority to supervise institutions that deal with cryptocurrencies and exchange them. The local Dutch newspaper Antilliaans Dagblad writes that as a result the bank cannot grant authorizations or exemptions. They cannot therefore counteract these types of undertakings.

According to the initiators, the coins have the same value as the Antillean guilder and can be exchanged for cash. An app has also been developed that can be downloaded and installed on the smartphone.

According to the Antilliaans Dagblad, the CuraDai is already being used in certain locations. In addition, there are stickers in circulation with the message 'We accept CuraDai' with a QR code and the logo. According to the Central Bank in Scharloo, institutions that issue cryptocurrencies are not supervised by the CBCS.

 

In 2018, the bank indicated that they were working on a new Payments Act. For these kinds of institutions, that law would form the basis for authorizations and guidelines. The CBCS requests start-ups to take measures that guarantee safe and responsible payment services.




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