CariNet Delegation Visiting Countries around the Caribbean

GEORGE TOWN, Cayman Islands, June 1, 2018 /PRNewswire/ -- On May 31, 2018, the delegation of CariNet, led by chairman Charles Xue, the Director-General of World Blockchain Organization (WBO) and earlier investor of CariNet Frank Zheng, arrived at Princess Juliana International Airport. The delegation will launch a 10-day official visit to the member states of the Caribbean including Antigua, Barbuda, Saint Martin and Grenada. They will also visit the presidents, the Prime Ministers and other heads of governments to discuss CariNet project's full landing in the Caribbean.

The traditional financial system in the Caribbean is the combination of an offshore financial system and the onshore financial system. The offshore financial system is very strong for political and geographical reasons. However, the onshore financial system shows more diversification, variation and disorder due to different infrastructure construction and management modes in those countries. Most countries have few banks with various governance and complex currencies.

The development of the offshore financial system is gradually hindered by the restriction of tax avoidance policies by various countries after the financial crisis in 2009, which makes the relatively fragile onshore financial system even more burdensome. The shortage of banks and the variety of currencies and exchange methods have seriously affected the economic development of Caribbean countries that have positioned themselves as global resorts. Based on the objective demand, the idea of "financial integration of the Caribbean" has been widely accepted by the Caribbean countries. However, facing to the weak foundation and realistic financial environment, they didn't gain substantial improvement in "financial integration of the Caribbean" for many years.

Blockchain technology and the development of digital payment and digital financial services and other application fields provide a basis for financial integration of the Caribbean. On the contrary, based on the existing financial environment and financial needs of Caribbean countries, the Caribbean FTA also provides an appropriate carrier for the development of the blockchain industry characterized by decentralization.

CariNet Project is a digital finance and free trade system for the Caribbean Area, initiated by the Caribbean Free Trade Zone. The project will establish a blockchain payment and digital finance infrastructures, construct a blockchain intelligent international trading platform and attract blockchain industry companies' registration. It will enable the Caribbean Area to become a global digital financial center and free trade zone in the new era, and create new power for economic growth within the area.

CariNet delegation's visit to the Caribbean represents the official beginning of CariNet's landing in the Caribbean. The official digital token of the Caribbean FTA CariCash, together with digital wallets, blockchain ATM and POS machines will be deployed. These blockchain infrastructures will firstly solve the local payment and settlement problems and lay the foundation for the financial system upgrading in Caribbean countries. The first large-scale application of the blockchain industry at the level of multi-country alliance and the new history of blockchain development will be launched.

SOURCE CariNet