CryptoMondays Caribbean Webinar: Post Event Recap

The inaugural CryptoMondays Caribbean webinar, “The Rise of Tech & Innovation in the Caribbean,” explored blockchain and crypto adoption in the region. The event focused on education, consumer protection, and regional collaboration. Speakers stressed the need for clear legislation to balance innovation with protection. They discussed how these technologies could address connectivity issues and expand telecom infrastructure. Moreover, collaboration was highlighted as essential to driving financial innovation in the Caribbean.

 

Key Takeaways and Action Items

The webinar highlighted several key points:

  • Clear Legislation: There is a need for clear legislation to balance innovation with protection.
  • Improved Connectivity: Blockchain and crypto have the potential to improve connectivity and telecom infrastructure.
  • Collaboration: Collaboration is crucial for promoting financial innovation.

Actionable steps include:

  1. Exploring blockchain technology use cases for transparency and development.
  2. Investigating DePIN projects for Guyana and the rest of Caribbean Community (CARICOM)
  3. Raising awareness about self-custody of funds to resolve trust issues in the Caribbean.

 

Introduction and Key Speakers

Lavinia Osbourne kicked off the webinar by highlighting the mission of Women in Blockchain Talks (WiBT). WiBT is an award-winning global blockchain educational and networking initiative. 

Lavinia, an advocate for consumer awareness and protection within the Web3 space, emphasised inclusiveness and understanding. She discussed blockchain’s role in promoting transparency, accountability, and democratisation.

Lavinia also shared her experience with NFT theft, which led her to take legal action in the UK. She explained, “I became the first person in the world to be granted a proprietary injunction for a non-fungible digital asset.” This case has set a precedent, helping others protect their digital assets through the law.

Saelese Haynes emphasised the need for client protection and a balanced approach to technology adoption. “My main reason for being here is client protection,” she noted. Saelese stressed the importance of meeting people where they are and creating tailored solutions. She mentioned the challenges of educating a population that may not be patient or interested enough to learn on their own.

Ayo Murray, Deputy General Counsel with Sovo Ventures in Barbados, discussed her role in taking companies from idea validation to funding rounds. She highlighted the intersection of law, FinTech, and RegTech. Ayo emphasised the need for regional collaboration to lessen reliance on foreign currencies. She discussed a project aiming to facilitate direct business transactions between Caribbean countries without relying on the US dollar.

Emmanuel Young from World Mobile shared his efforts to build decentralised telecoms infrastructure to improve connectivity. “By connecting people, we can onboard them to crypto,” he said. Emmanuel shared his Guyanese heritage and discussed Guyana’s rapid economic growth. He noted that 2.7 billion people globally lack access to cellular or internet connectivity. “At World Mobile, we empower communities to connect themselves,” he continued.

Al Kieron Wright, known as Alluminati, shared his transition from traditional financial services to the crypto space. “I was bitten by the crypto bug a couple of times, but around 2020 I was really infected,” he admitted. Al emphasised the unique position of the Caribbean. He noted that while some citizens have access to internet and credit cards, many remain underbanked or unbanked.

Keniel Ledgister, a US government attaché for IRS Criminal Investigation, discussed his focus on compliance. “With technology comes different problems, and my focus is on compliance,” he stated. Keniel emphasised the importance of education in building trust in new technologies.” Education helps lay the foundation for a legal framework people can understand and trust,” he noted.

 

Discussion Highlights

Blockchain and Crypto Adoption

Lavinia Osbourne stressed blockchain’s potential to democratise and improve trust through its egalitarian vision. “Blockchain promotes transparency and equity by removing gatekeepers,” she noted. Lavinia pointed out that many people look at blockchain from the perspective of crypto alone, not realising its broader potential for good. Emmanuel Young discussed World Mobile’s efforts to leverage blockchain to enhance connectivity, especially in the Caribbean and Guyana.

  

Regulatory Framework and Compliance

Ayo Murray and Keniel Ledgister discussed the UK’s leadership in crypto regulation. Ayo emphasised that while international frameworks can serve as a model, local nuances must be considered. “Our framework must reflect our unique regional needs,” she stated. Keniel highlighted the differences in legal frameworks across Eastern Caribbean countries. He emphasised the need for regional cooperation to create a cohesive legal framework.

 

 

Education and Collaboration

Education was identified as key to gaining trust and facilitating the adoption of crypto and AI technologies. Panelists agreed that an informed populace is more likely to engage with new financial technologies. Collaboration with regulators and dialogue among Caribbean countries were stressed as essential steps for creating a cohesive legal framework.

Ayo Murray echoed these sentiments, emphasising the importance of democratising financial products and innovation. “Leveraging technology can create financial inclusion,” she commented. Ayo also highlighted the need for continued investment in educational initiatives.

 

 

Challenges and Opportunities 

The webinar addressed the challenges Caribbean governments face in adopting cryptocurrency. These include a lack of demand and foreign exchange risks. Panelists emphasised the importance of utility and a responsible approach to onboarding people. Alluminati discussed the need for greater decentralisation and the challenges of educating a risk-averse population. “We need to be realistic, responsible, and patient,” he explained.

 

 

Conclusion

 The CryptoMondays Caribbean webinar provided insights into the current and future state of blockchain and crypto adoption in the region. It underscored the importance of clear legislation, collaboration, and education. As Lavinia Osbourne aptly put it, “Blockchain’s egalitarian vision can democratise trust and drive substantial social impact in the Caribbean.”

Due to public demand, we are considering opening up the webinar and having a livestream for greater outreach. This will allow us to continue engaging with a broader community, fostering a deeper understanding and wider adoption of blockchain and cryptocurrency across the Caribbean.

 

 

LISTEN TO THE PODCAST HERE: https://shorturl.at/e2iRP

 

If you or someone you know is interested in sponsoring, speaking, hosting, or attending a CryptoMondays Caribbean event, please email us at admin@blockchainlex.io.

For other services, please visit Blockchain LexV

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