GEN to sensitise public on emergence of digital currency

The demand for digital currency is on the rise with the digital wave sweeping the world, and the Guyana Entrepreneurship Network (GEN) plans to work with stakeholders to sensitise the public about the opportunities and risks involved in investing in crypto-currency.
GEN, in partnership with WeOwnSpace, hosted Guyana’s first public forum on digital currency on April 6. The most prominent of its kind, called Bitcoin, was particularly featured at this forum.

Bitcoin, and by extension all crypto-currencies, evolved out of the need for a decentralisation of financial tools. Internationally, as obtains here in Guyana, the slow response of the financial sector to changing demands in the way businesses wish to respond to opportunities slows business and entrepreneurial pursuits. Digital products and services have been commercially traded for decades, yet they have to be paid for with traditional currency, using electronic methods that are subject to aged regulatory guidelines.
The digital age demands a new digital currency. Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions involving Bitcoin are made with no middle men, meaning no banks or financial agencies.

Bitcoin can be used to buy merchandise anonymously. In addition, international payments are easy and cheap, because Bitcoin is not tied to any country, or subject to regulation. Small businesses may like Bitcoin because there are no credit card fees attached to its use. Some people just buy Bitcoin as an investment, hoping that its value would appreciate (go up in value).
One Bitcoin currently costs in excess of Gy$200,000.
The forum hosted by GEN and WeOwnSpace explored the far and wide-reaching applications of Bitcoin and other digital currencies in Guyana. One of the most widely publicised benefits of Bitcoin is that governments, banks and other financial intermediaries have no way to interrupt user transactions or place freezes on Bitcoin accounts.
The system is purely peer-to-peer; users experience a greater degree of freedom than obtains with national currencies. Additionally, transactions are virtually instantaneous, with very low transaction fees. Like with many online payment systems, Bitcoin users can pay for their coins anywhere they have Internet access. This means that purchasers never have to travel to a bank or a store to buy a product. It reduces lag time and overall friction, so that merchants (entrepreneurs) can get paid quickly and easily.
The forum was chaired by Duane De Lima of Centurion Data Services and Lyndell Danzie-Black of Cerulean Inc, members of the Guyana Entrepreneurship Network. The speakers explored the applications, opportunities, and challenges for Bitcoin and other digital currencies in Guyana.
The speakers included Aggrey Marsh, Project Leader & Event Organizer; Rosh Khan, President of the Guyana Entrepreneurship Network; Gabriel Abed, Founder of Bitt; Robert Williams, the Associate Information Officer of the United Nations Economic Commission for Latin America and the Caribbean; and Shiva Bissessar, Founder of Pinaka Technology Solutions.
Also in attendance was Astell Collins, Special Envoy Representative; Eldon Marks, Co-Founder of Version75; and Lance Hinds, Special Advisor to the Ministry of Public Telecommunications.
Aggrey Marsh, the Project Leader on the Introduction of Crypto-currencies to Guyana, said: “Financial inclusion is on the UN 2030 goals, and with a large percentage of Guyanese being unbanked, we have some work to do. One of my areas of focus is the indigenous communities, (which) have been underserved over the years. One of the challenges we currently face is the withdrawal of corresponding banks who represented those banks in Guyana and the Caribbean. That being said, electronic payments are possible in Guyana already. GTT Mobile Money, which has been working for some time now, can be used to pay local merchant for goods and services. However, based on the GEN e-commerce Study, Guyana is demanding more international payment processing. Thankfully, there is still hope, with the creation of innovative companies like Bitt, (which have) developed alternative solutions for central banks to help move the Caribbean forward.”
GEN’s President, Rosh Khan, further underscored the need to sensitise the public about this revolution. “The immediate next steps include sensitising the public on how to leverage the opportunities associated with digital currencies. We will also be creating more avenues for broader discussions on the digital economy, and (would be) working in tandem with the Ministry of Public Telecommunications to ensure all the regulatory frameworks are in place for payment processors in Guyana. We have long struggled with payments in Guyana, and if we aim to be truly competitive as a country, this is a problem we need to solve now together.” (Devina Samaroo)