Shoppers Used Cryptocurrency At The DealShaker Expo
Speaker 1: Trinidad Hilton was today the host to a deal shaker expo where shoppers have the opportunity to peruse a vast number of boots and pay for their items totally or in part with crypto currency. The event put together by the OneLife Network was an effort to promote the use of crypto currency which, they believe, represents the future of trading.
Janine Browne reports.
Janine Browne: The OneLife Crypto-Currency Expo featured some 75 vendors, offering products ranging from jewelry, delicacies, foreign user vehicles and what many claim as the national dish, Doubles.
Crypto currency has been gaining popularity the world over, despite the fact that many governments have not yet established regulations for its use. Independent marketing associate with OneLife, Kimrol Ali, believes it’s the price of innovation taking a risk. He explains OneLife has implemented certain policies to reduce the chance for people to use the coin system for illegal activities such as money laundering.
Kimrol Ali: Each individual has to be KYC approved. KYC means Know Your Customer so every individual must upload a photo ID of themselves as well as proof of address, which is verified by the company before you’re able to transact business.
Janine Browne: He’s confident the benefits outweigh the concerns. He says that the system has the potential to solve trading problems which exist today.
Kimrol Ali: When last did you go to the bank to get foreign exchange? You know the issues surrounding that. But with crypto currency, you literally can transact business throughout the world and you don’t need to find the currency of that nation and that’s one of the major benefits.
Janine Browne: Vendors were equally optimistic about a future in crypto currency.
Mery Beale: This is the future. And being that it’s into the future, I want to be able to be a person on top of my game.
Aldwyn Williams: A lot of things are unregulated but it’s like [inaudible 00:01:57] is like a credit card. At one time, we didn’t know anything about credit cards and people weren’t accepting it.
Janine Browne: Earlier this year, the Central Bank of Trinidad and Tobago said it was in the process of finalizing a policy in crypto currency with the hope for publication later this year. Janine Browne, C News.