Localized Bitcoin wallets can make an impact in a specific region. Caricoin, the Bitcoin wallet solution for Caribbean users, is planning to launch the first-ever licensed Bitcoin exchange in Jamaica. By collaborating with the Bank of Jamaica, the company wants to gain support from the financial sector and regulators to achieve this goal.

Bitcoin wallet company Caricoin has been making a name for itself in the Caribbean so far. By offering locals a convenient way to send, receive, and store Bitcoin, Caricoin has quickly gained traction. But the company wants to expand its presence and is targeting Jamaica to do so.

Caricoin Has Its Sights Set On A Jamaican Expansion

Now that Caricoin is in talks with the Bank of Jamaica; exciting things are on the horizon. Launching the country’s first-ever licensed Bitcoin exchange is a major milestone. For now, it appears that any approval would come within the regulatory frame of mobile money. The reason for choosing Jamaica is not random either as several of Caricoin’s investors are located there.

This seems to indicate there is a dire need in Jamaica to offer alternative forms of money. Similarly to other developing regions, Jamaicans do not have easy access to the banking system. E-commerce players are also looking forward to embracing new payment options that can help expand their customer base. Bitcoin seems to be the solution to those two problems.

The Bank of Jamaica will be presented with documentation to showcase Caricoin’s sandbox approach to introducing Bitcoin. The reason for this is simple” a sandboxed approach would allow startups and other Bitcoin firms to operate without being encumbered by a complicated licensing process.

It is good to see this potential new venture take the regulatory approval route first. One thing that hinders Bitcoin adoption is regulatory uncertainty in most countries around the world. This Jamaican licensed Bitcoin exchange would alleviate those concerns from day one, and add more legitimacy to cryptocurrency as a whole.

Caricoin continues to put Bitcoin and cryptocurrency in a positive daylight. A few weeks ago, they announced a partnership with Bitrefill. This partnership allows for mobile top-ups with Bitcoin through the Caricoin wallet. Bitcoin seems to be gaining traction in the Caribbean, that much is certain.

Header image courtesy of Shutterstock