(PRESS RELEASE VIA SNO) – It has come to the attention of the Eastern Caribbean Central Bank (ECCB) and the Financial Services Regulatory Commission of St Kitts and Nevis (FSRC) that a Bitcoin ATM has been installed at a location in the Federation of St Kitts and Nevis.
(ESCB) and the Financial Services Regulatory Commission of St Kitts and Nevis (FSRC) that a Bitcoin ATM has been installed at a location in the Federation of St Kitts and Nevis
It is also our understanding that the installation of the same machines in other locations in the Federation.
The public is currently cautioned that the Bitcoin ATMs or any other sort of cryptocurrency operations is not currently regulated by the ECCB, the FSRC St Kitts and Nevis or any regulatory authority in the Eastern Caribbean Currency Union (ECCU). In addition, bitcoin or any issuer of bitcoin has not been designated under the Payment System Act in St Kitts and Nevis.
This means that there is no current regulations to protect consumers from financial losses if an organization that exchanges or holds virtual currency, fails or runs out of business.
In other words, people who use these services or are contemplating use of these services should know that they do so completely at their own risk. The extent of this risk, at this point in time, is not fully known given the novelty of the area and the absence of regulatory oversight.
The ECCB issued an advisory on 5 June, 2018 recognizing the developments in the FinTech space and encouraging consumers to be cautious in their use. Indeed, when considering involvement Click here for more: (https://www.eccb-centralbank.org/news/view/eccb-advisory-on-fintech-operations-in-the-eccu)
The ECCB and the FSRC recognize that financial innovation is essential, however the legal and regulatory framework is necessary to protect the integrity of the financial system and investors and consumers alike.
At this stage, the ECCB, as a regional regulator, is pressing forward with its work to advise the Governments of the ECCU on an appropriate regional framework for FinTech Regulation and supervision. and competitiveness
To this end, the ECCB will be working with other national regulators within the ECCU to adopt a common approach