Dear Editor,
It was not long ago that participation in the crypto markets was limited to individual early adopters. Today, Bitcoin and crypto currencies can be found everywhere, and the crypto economy is expanding and becoming a true global financial system. Entrepreneurs from around the world are motivated by a Bitcoin-Blockchain ideology and have joined friendly jurisdictions like Switzerland, Puerto Rico, and Miami. These are the world’s first successful crypto-friendly jurisdictions supporting innovation and helping to bridge the financial and crypto worlds together.
In September 2021, El Salvador became the first Sovereign-States to legalize Bitcoin as legal tender, purchasing over 1800 Bitcoin for their treasury. Two weeks ago during the Bitcoin Conference in Miami, the largest of its kind in the world to date, which was attended by 30,000 people, the autonomous Portuguese archipelago known as Madeira recognized Bitcoin as legal tender, and the Caribbean island off the northern coast of Honduras known as Roatan has officially recognized Bitcoin as legal tender as well, and crypto as a form of money and announced the creation of “Prospera”, a special economic zone for this purpose.
Senator Indira Kempis Martínez of Mexico, present at the same conference, announced that she was working on legislation that would make Bitcoin legal tender in her country because a third of adults are unbanked and lack access to credit. The Senator already introduced a bill regulating the Bitcoin and crypto markets in her country.
It was the announcement of Senator Martinez that caught my attention, firstly because Mexico is a major trade partner of the USA, secondly, Mexico has a developing market economy, and thirdly it is the 15th largest in the world in nominal GDP, and the 12th largest by purchasing power parity, according to the IMF. All in all, one could argue that Mexico is a fairly strong economic powerhouse in the region. But still, the Senator declared that one- third of the adults in her country are unbanked and therefore lack access to credit.
Then, recently the World Bank announced that close to one-third of adults globally, or 1.7 billion people have no bank accounts. In light thereof, during their Spring Meetings this week, the World Bank held a seminar themed “The Digital Revolution.” The reason for them to organize this seminar is because (and I quote), the COVID-19 pandemic sent advanced and developing economies into starkly divergent paths — with advanced economies expected to recover fully by 2023, and developing economies expected to lag for years to come. Developing economies have nevertheless embraced innovative digital solutions that are enabling economic transformation and putting them on a path toward green, resilient, and inclusive growth.
Private and public investment in digital solutions is bringing critical services to the poorest, creating jobs, strengthening small- and medium businesses, enabling trade and services, and building resilience to shocks. At the same time, more than half the developing world remains digitally unconnected, and risks around privacy and cybersecurity are growing worldwide” (end quote). The purpose of this event was to explore how countries can boost growth, productivity, inclusion, and resilience as they recover by embracing private sector innovation coupled with enabling government policy.
Taking all these very fast-moving developments into consideration, it made me wonder how Sint Maarten could and/or would fit in. It is my understanding from news in the media that Sint Maarten is getting ready to take its first steps into the world of crypto and block-chain technology applications.
One of the reasons I would applaud such developments for Sint Maarten is the mere fact that like countries as Mexico and the rest of the developing countries, we also have quite some residents who are unbanked for years, and therefore have poor or no access at all to credit and other common banking facilities, whilst at the same time, those residents and businesses who have bank accounts, for years now, are complaining about “expensive” and excessive bank fees, expensive interest rates, difficulties acquiring credit facilities and the need for better and more professional and efficient customer service. The entry of crypto-currency as legal tender and of blockchain technology can make a difference in mitigating these deficiencies and make our society more inclusive.
In Curaçao the establishment of so-called FinTech companies is on the rise for the mere fact that there also is a need for fast, efficient, and cost-effective financial transactions such as the transferring of money, but also for saving, investing, and loan-processing facilities. A FinTech company makes financial services more accessible to the greater public, but it also encompasses revolutionary financial technologies like blockchain and crypto currency.
On December 2, 2021, the Central Bank of Curaçao and Sint Maarten (CBCS), in collaboration with our Minister of Finance, Ardwell Irion, organized a conference under the theme of “Building Value with Emerging Technology”. The conference was meant to give an insight into blockchain, crypto and other emerging technologies, the applicability of these technologies in the financial services and hospitality industries, combined with the regulatory adaptability through which CBCS is of the opinion that a more vibrant economy can be created. Member of Parliament Rolando Brison, earlier this year shared his support for making crypto currency a legal tender in Sint Maarten. One can indeed say that “The Digital Revolution” is also becoming an irreversible reality for Sint Maarten, and rightfully so.
With the entry of crypto currency, but also blockchain technology in Sint Maarten, I foresee some positive and much-needed developments, such as the diversification of our economy and education offering, to name a couple.
However, in order to protect our consumers, it is advisable to properly regulate/legislate the entry of the Digital Revolution in Sint Maarten, with equal chances for everyone who wishes to enter into this segment of the economy. It is crucial that the Central Bank is assigned a supervisory role, but of equal importance is also that the Central Bank acts as a partner to the government and stakeholders in Sint Maarten during the introduction phase. If this is done well and in a balanced way, I envision the development of Sint Maarten into a “Crypto-Tech Island” and gaining global recognition in the process.
In closing, if the adoption of the “Digital Revolution” in Sint Maarten could cause inclusive growth, private and public investment in digital solutions bringing critical services to the poorest, creating jobs, strengthening small and medium businesses, enabling trade and services, and building resilience to shocks, I am all for it!
Perry F.M. Geerlings
Some known worthy facts; In the U.S, one in five people holds Bitcoin but in Brazil and Indonesia, the number is close to half of the population. Thirty Thousand people attended the Bitcoin 2022 conference in Miami. The Mayor of Miami, Francis X. Suarez, converts his salary into Bitcoin every month. New York Mayor, Eric Adams, took his first 3 paychecks in Bitcoin and Ethereum. Politicians and countries from around the world are pushing for Bitcoin adoption.
Dear Editor,
I read “Fast running out” and even though I am sympathetic to what is written, I believe that you are missing the point. For the longest while now the modus operandi of the politicians has been “If we do not put too much pressure on them they will be content with (the wrong) we do and are not going to rock the boat” and so is the case with business in general on St. Maarten. That is one of the reasons why the Minister of Justice got flack for doing that which is right. For years now the politicians have noticed that there is a certain percentage of the voters who do not rock the boat..
We have had several industrial strikes as well as strikes against government policies. When we look carefully at who physically participated in those strikes we would notice that they were holders of a Dutch passport born in the former Netherland Antilles. When we look at the many voting lists that we have had during these last 11-plus years, we would notice that 25 per cent of the voters are Dutch Antilleans, Surinamers and the Dutch combined, and that 75 per cent have acquired the Dutch nationality through marriage or naturalization. On paying attention I have calculated that the majority of that 75 per cent are those who do not rock the boat. And the politicians also know this and they thrive (prosper from) on this.
They strategize their campaign based on this. And they even stoop so low as to declare this is what the people voted for. And as tough as it may sound, I have had to make them know that they are “gorging” themselves from the misfortune of their fellow men.
I can fully understand that if a man is willing to risk his life by crossing the ocean to get to another shore, which he already concluded must be able to offer better circumstances than home, he will not be ready to give that up when he reaches that shore. Neither would he run the risk of altering the circumstances of his new haven. Our politicians know that the majority of these people are the people who make up that 75 per cent of the voters, so they make use of and take advantage of the disadvantage of fellow human beings, proving that they are in there for themselves and not to help the people. In doing so they do exactly what you have written about in “Fast running out”. They are all ophthalmologists.
What I have found out just by listening is that the aspiring politicians on St. Maarten have been told that “If you don’t have money you can’t get in the game.” The logical follow-up to that would be: “To stay in the game you have to make money also.” So, you pull the wool over people’s eyes, and even though many of them have spent time in the police cells or on the hill they still continue.
I have to add this for clarification. Formerly people worked six days a week of which Saturday they only worked half a day. In a predominant Catholic community Sunday was the day of rest. As time went by and certain demands were made, the Netherlands Antilles, being under Holland, had to go along with the changes in democratic-ruled countries. But the politicians have always done it in a way to stay ahead of the game. So, when certain demands were made, instead of giving monetary compensation they gave Saturday and Sunday off. I can still vividly remember the elation and jubilation of the members of the Seventh Day church who were not able to get a job in government because they were not allowed to work on Saturdays. So, the trend has always been “Give them free days, keep them quiet, then we don’t have to worry our heads about paying them or increasing salaries”. This helped a long way in stagnating employees from standing up for their rights.
Politicians have always rearranged the laws in a way that it would seem as if they were the good ones by giving the people extra holidays, but very rarely were the salaries adjusted. It is still working today. So, no matter how you formulate your editorial, as long as it does not touch that 75 per cent, it will fall on deaf ears. And we will always be paying for votes.
Russell A. Simmons
Dear Editor,
Goods and life in general are getting increasingly expensive by the day everywhere, and especially in Sint Maarten; our country that already is well-known internationally to be awfully expensive to live in. Nowadays each and every local business is using the war in Ukraine as an excuse to raise their sales prices even more than during the recent pandemic, as there are no price controls.
It is worrisome how we, the people of this already expensive country, have to face the future financially, and how this government expects us to be able to survive without any salary/pension raises or government measures to alleviate this unbearable financial burden on its citizens. This island is becoming priceless for the ordinary man, as well as for tourists. If this government does not step up its act, this country will become abandoned for greener pastures with at least more financial security.
Today, the price of gasoline was raised again with Ang. 0,08 per litre, from Ang. 2,74 to Ang. 2,82. Everywhere around us the price of gasoline is being adjusted (read: lowered) by other governments in order to lend a helping hand to the already stretched wallet and budget of their citizens, but this is not the case in Sint Maarten.
On the contrary. Last week, the government of Curaçao lowered their price for gasoline with Ang. 0,25 per litre, from Ang. 2,63 to Ang. 2,38. Yesterday, it was also publicized through international media that the oil price has decreased from US $128. to US $99. per barrel, which is the same price a barrel has cost before the Ukrainian war started on February 24.
So, how can the government of this country justify just now to raise the price of gasoline even more since the last raise of 2-3 weeks ago? How does government explain this 14% raise for gas to the citizens now that the oil price per barrel has decreased with 22,6%? Is no one going to react or say anything about this mismanagement by government, whose only goal seems to be to milk the citizens without any scruples?
A concerned citizen
Name withheld at author’s request
Dear Editor,
Over 99 per cent of the entire world population is against the war between Russia and Ukraine.
Now the writing is on the wall for NATO, European Union, Caricom and United Nations to give Ukraine full support without hesitation. With great help to the max and also weapons is a priority to give Ukraineans’ government, because Putin keeps putting a blind eye and deaf ears for peace and to stop the war against Ukraineans.
Well, NATO, European Union, Caricom and United Nations must go after Putin militarily. It will be a great chance Russians will even help take Putin from power.
China seems supporting Putin. Why China so silent? They are not encouraging Putin to stop the war against Ukraineans in Ukraine.
Putin cannot win this war and faster NATO, European Union, Caricom and United Nations move towards giving Ukraine military help May 9, 2022, can be a very sad day for Putin.
If Putin mess with America, Great Britain will teach Putin a lesson and there will be even possible many Russians and Russia Amy will help overthrow Putin.
Putin, stop the war against Ukraineans. Now you’re a criminal.
Cuthbert Bannis
Dear Government of Sint Maarten,
This practice whereby concerned citizens, persons affected, neighbors, etc. are required to physically go to the Government building to review permit applications which may have consequences for them needs to stop! We live in the digital age, make relevant components of permit applications available online for all to view.
Making people suffer through trying to actually make an appointment in the first place (phones are hardly ever answered, emails are seldom answered or answered late) followed by an in-person visit to review the applications with one or more civil servants staring them down in the process is not the way public consultation/review processes should take place.
Pride Foundation Board members have in the past often been faced with developers miraculously calling them minutes after Board members reviewed permit applications. This needs to stop! Stop putting the interests of the few over the interests and well-being of the many!
We repeat, put permit applications online for all to review!! Change whatever legislation or policy needs to be changed in order to facilitate this.
Rueben J. Thompson
President, Pride Foundation
