Bitts

• The NDPS is poised to revolutionize the financial landscape by addressing the economic challenges faced by marginalized entities within the Marshall Islands.
• By harnessing blockchain technology and drawing upon Bitt's proficiency in digital asset management, the pilot program will explore the feasibility of digital alternatives in the Republic of the Marshall Islands' existing monetary framework.
• Brian Popelka, CEO of Bitt, commented on the partnership: "We look forward to collaborating with the Marshall Islands.
• Senator David Paul of the Republic of the Marshall Islands shared his enthusiasm about the collaboration, saying, "We are excited about our collaboration.

• We advocate the CBDC ecosystem, and especially the innovators in this space, to broaden services and products to meet central banks where they are in their journey today.
• We need to get creative and find ways to answer these open questions, to help our clients forward in their CBDC journey."
• Bitt's team of experts recognized this need and were motivated to launch Bitt Advisory Services to assist monetary authorities in any provision they require.
• The Bitt team now offers a suite of professional advisory services to help expand central bank knowledge, experience, and capacity for their digital currency strategy throughout all stages from ideation to deployment.

• Nigeria was the first country in Africa to roll out a central bank digital currency.
• Central bank digital currencies are well placed to serve as the anchor for all forms of digital assets and digital currencies.
• The Central Bank of the Bahamas and the Eastern Caribbean Central Bank have issued their own central bank digital currency.
• Adoption has been slow and accessing central bank digital currency has been a challenge.
• It is piloting its central bank digital currency, called e-CNY, in 26 cities but still experiencing poor adoption.

Barriers to adoption

• It is believed that the Central Bank of Nigeria wants to develop its own software for the digital currency.
• It is, however, reported that banks and financial institution staff do not appear well trained to get users on board.
• So the system is not fully ready for adoption.
• Data privacy: Under the current design, the central bank will be able to see all transactions of users of the eNaira.

Workable solutions

• Users could also get incentives to use the digital currency, in the form of discounts when paying taxes and for other public services.
• If these challenges can be surmounted and policy approaches to adoption implemented, adoption of the eNaira is likely to pick up.

• Bitt's fully interoperable and scalable Digital Currency Management System (DCMS) has positioned the company to secure more CBDC and stablecoin projects across the globe.
• Building on Bitt's steady growth trajectory is of paramount importance to the new CTO, who said, "I am very proud to join Bitt at this time in the company's and the industry's development.
• Greg has been Chief Architect, CTO, and VP of Engineering at several web, networking, blockchain, and payment companies, and financial institutions.
• Currently investing out of their seventh fund, Pelion invests in Seed and Series A software companies across the United States.