[dropcap]A[/dropcap]t an intimate gathering convened earlier this week by the Ministry of Finance and Big Four accounting firm Ernst & Young, I joined a group of local bankers, lawyers, and financiers for an informative one-day seminar devoted entirely to blockchain—the underlying technology used to power cryptocurrencies like bitcoin—and its potentially broader commercial applications promised to ‘up- end’ entrenched industries.
While it’s surely impossible that anyone at this stage isn’t at least vaguely aware of what cryptocurrencies like bitcoin are, it’s likely that the enormous media coverage and hype surrounding the technology has confused, or worse, dissuaded you of their powerful implications for business moving forward.
Led by a balanced panel of speakers including cryptocurrency entrepreneurs, known as ‘cryptopreneurs’, and evangelists from the Global Blockchain Business Council (GBBC), this oversized room of less than 15 people have begun, at least in earnest, a national discussion on how this little underdog of a Caribbean island could potentially carve out a micro-niche for itself in this rapidly growing global industry.
When it comes to attracting rapidly evolving technology-based businesses like these, the large, developed countries are usually the least attractive. In fact, it’s usually a nimble, forward-thinking city—or in our case, hopefully, a forward-thinking island—coupled with committed, visionary leaders, who end up winning these versions of popularity contests.
It is here where one eager audience member stood out more than others: Prime Minister of Saint Lucia Allen Chastanet. Guiding the discussion, Chastanet revealed his optimistic views on the potential applications of blockchain technology, but also shared his concerns that manoeuvres to attract the growing industry may, in turn, compromise Saint Lucia’s reputation among its international regulators.
These concerns are not trivial. Countries like Switzerland and Gibraltar, certainly no strangers to niche finance and regulatory finger-wagging, have already embarked on this experiment. Saint Lucia would be wise to watch how these experiences play out in the coming years, and deploy their learnings to our advantage.
Cautiously enthusiastic as he may be, Prime Minister Chastanet, also the country’s Minister of Finance, recognizes that these decisions need to be made sooner rather than later.
When asked how long it will be before Saint Lucia articulates a business attraction strategy targeted at the industry, Chastanet noted that there is still more work to be done in exposing our young people and entrepreneurs to the industry before we can seriously talk about a way forward.
“Cryptos have been around since 2008. We’re in 2018 now. We’re passed the teething stage on this thing. It’s time for action!”
