Chapter Four: Demographic Insights

This is my dissertation and i need help in chapter 4 (Chapter. 4: Data Collection, Analysis and findings.) which is for 2000 words. I also need some changes in methodology, like you are an expert and add some things that should be added regarding analysis (JASP Analysis) in chapter 3 as well just 100-200 words enough and highlight them. use the same file to make all these additions. i am sharing with you the survey responses. add about participants and sampling and highlight changes in the file. Write chapter 4 and show tables of jasp analysis also provide spss file as well as i have to show my professor that i did run jasp analysis. Again, i want JASP analysis not these google forms graphs as i can use them myself but i need to show jasp usage the tables etc. also want spss file.

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Chapter 1: INTRODUCTION
1.1 Introduction
The advent of blockchain technology has been particularly notable in the Caribbean,
with the introduction of Central Bank Digital Currencies (CBDCs), with DCash
recently announced, and the Bahamian Sand Dollar and Jam-Dex already out there.
These developments carry with them transformative potential for the region’s banking
and financial systems (Branch and Wright, 2023; CBCS Media, 2018).
Similarly, the Dutch Caribbean, comprised of six island territories, namely Aruba,
Bonaire, Curacao, Saba, St. Eustatius, and St. Maarten, is known for its vibrant
tourism industry and offshore financial services sector where the use of cash is still
predominantly used for payments. St. Maarten and Curacao formed a joint monetary
union, the Central Bank of Curacao and St. Maarten, when the they became
autonomous countries within the Kingdom of the Netherlands.
In 2018, the Central Bank of Curacao and St. Maarten signed a Memorandum of
Understanding with a Barbados-based Fintech company Bitt Inc to explore the
feasibility of the CBCS issuing a digital Dutch Caribbean Guilder to facilitate digital
financial payments (CBCS Media, 2018). Meanwhile, the Central Bank has also
announced plans to launch a new Caribbean Guilder (CG) by March 31, 2025, to
replace the current Antillean Guilder (ANG./NAF) which has been in circulation for
more than 70 years (CBCS, Caribbean Guilder, 2024). This new currency is expected
to be pegged to the United States American Dollar (USD) at an exchange rate of
$1.79. This of course begs the question of the necessity of a new currency when
discussions are ongoing on the intention to launch a Fiat CBDC.
Nevertheless, these strategic efforts have contributed to the growing digital movement
in the community of St. Maarten, include the Fintech initiatives pursued by the
Central Bank of Curacao and St. Maarten, and are in tandem with a region on the
verge of transitioning from conventional cash-based systems to digital (Central bank
Digital Currencies) acceptance or use (CBCS, Caribbean Guilder, 2024).
This will, therefore, provide an evaluation of the impact a blockchain-based payment
system would have in the banking and financial services sector of St. Maarten, with
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special emphasis on the feasibility and potential benefits that a blockchain based
CBDC may present in contributing to relieving some of the current financial
challenges at the island.
1.2 Problem Statement
The specific financial landscape of St. Maarten, with its very small geographical area
and diversity of population, opens very well to exploring payment systems built
around blockchain. However, traditional banking structures stifle alternative payment
platforms and FinTech innovation, even as e-commerce shows promise and the
necessity revealed by the COVID-19 pandemic. The crucial thing is breaking down
the barriers raised by the unavailability of enough digital payment systems, poor
internet connectivity, and support legislation (Digital Ecosystem Country Assessment:
Eastern and Southern Caribbean, 2022).
This project is meant to derive meaning and implications for blockchain technology in
the financial sector of St. Maarten. This study will focus on the regulatory
framework’s readiness to embrace blockchain in terms of compliance and security
and the technologies that need to be put in place to ensure scalability and data privacy.
The study will delve into the potential economic benefits of blockchain technology,
such as cost reduction and increased market competition. It will also explore the role
blockchain may play in promoting financial inclusion and overall economic
development. In essence, this research aims to uncover the transformative potential of
blockchain technology in the financial landscape of St. Maarten.
1.3 Research Aim
To assesses the potential impact of blockchain technology on the banking and
financial services industry, with a specific focus on its implications for payment
systems on St. Maarten. It analyzes the potential benefits of blockchain in terms of
security, efficiency and cost reduction, while acknowledging concerns regarding
scalability and the need for advancements in consensus mechanisms to ensure
sustainable operation of blockchain-based payment networks.
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1.4 Objectives:
i.
To explore the regulatory frameworks and legal implications of implementing
an integrated Blockchain Payment System in the financial services sector of
St. Maarten.
ii.
To assess the impact of block chain integration on business perceptions or
corporate insight and financial inclusion on St. Maarten.
iii.
To analyze the security and privacy concerns of implementing blockchainbased payment systems in the financial services industry of St. Maarten.
iv.
To examine the integration challenges and technological infrastructure
requirements for establishing an integrated blockchain payment system in
three Caribbean CBDCs: DCash, BSand and Jam-Dex.
1.5. Research Questions
i. What are the existing regulatory frameworks and legal implications that need
to be considered when implementing an integrated blockchain payment system
in the financial services sector of St. Maarten?
ii. How does the integration of blockchain technology impact business
perceptions, corporate insight, financial inclusion on St. Maarten?
iii. How important is payment safety and efficiency in current motivations for
issuing a CBDC for financial payments?
iv. What were the integration challenges and technological infrastructure
requirements for establishing in three new CBDCs entrants in other Caribbean
Islands?
1.6. Research Proposition
The study seeks to establish the claim that the integration of a blockchain-based
payment system will significantly reduce operational costs for financial services
providers and lower transaction fees for the unbanked and underbanked population in
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St. Maarten by streamlining transaction settlements and eliminating the need for
intermediaries, thus enhancing financial inclusion.
1.7. Hypotheses
Given the considerable interest in the integration of blockchain technology into the
banking and financial services sectors, in this manner, the following hypotheses are
proposed in consideration of the proposition posited above:
⚫ H1: Blockchain technology will result in a positive regulatory response.
⚫ H2: Blockchain technology will improve market dynamics.
⚫ H3: Blockchain technology will enhance security and privacy standards.
⚫ H4: Successful integration of blockchain technology depends on the
adaptation of existing infrastructure.
1.8. Explanation & Significance
H1: The introduction of blockchain technology in the delivery of financial services
will result in a positive regulatory reaction. It is likely that some changes will be
introduced within existing laws, and new regulations will be welcomed and allowed
for, facilitating the supposed easy acceptance and incorporation of blockchain
technology within the financial ecosystem.
Rationale: The nature of blockchain technology tends to change regulations. Approval
would signal a friendly regulatory environment that encourages technology
innovation.
H2: Implementing blockchain technology will improve market dynamics. It will
increase the perception of the financial sector, increase business inflow, and increase
financial inclusion.
Rationale: The blockchain is supposed to offer increased transparency, reduced
transaction costs, and improved access to financial services, which could improve
business attitudes and increase financial inclusion.
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H3: The implementation of blockchain technology at large within the financial
division would boost privacy and security standards.
Rationale: The most fundamental advantage of blockchain would be better security
and privacy, as the records are decentralized and encrypted, which would bring in a
completely different level of security for the transaction and could be a valid way
forward in addressing the current security risks within the transaction.
H4: Successful integration of blockchain technology is dependent on the adaptive
functioning of existing infrastructure in response to new technological needs.
Rationale: Successfully implemented blockchain technologies will require significant
change in the current technology infrastructure, thereby implying a relationship
between readiness in infrastructure and successful adoption of blockchain.
This approach will allow us to use extant literature to explore a framework on how
blockchain technology can alter the financial perspective in St. Maarten. The research
in the form of testing the given hypotheses aims to identify the main benefits and
challenges of applying blockchain and provide the necessary conditions for successful
integration. It is expected that findings from the study will contribute relevant
recommendations for policymakers, financial institutions, and technology providers in
the planning and implementation of blockchain Fintech initiatives.
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Chapter 2: Literature Review
2.1 Introduction
The advent of blockchain technology symbolizes a significant paradigm shift
in the financial landscapes of regions globally, including St. Maarten. This
dissertation seeks to determine how Central Bank Digital Currencies (CBDCs) and
blockchain can impact the financial services market in St. Maarten, paying particular
attention to major facets like payment systems, regulatory compliance, security, and
financial inclusion. The main objectives of the research, based on the outline of the
research explored, are the regulatory frameworks, the impact of blockchain and
market dynamics, an analysis of the security and privacy concerns, and an
examination of technological infrastructure requirements for blockchain integration
within the Caribbean context. The Eastern Caribbean gave the world its CBDC
through the invention of DCash. It is an outward sign that the region is successfully
advancing toward the digitization of financial services. This is significant for St.
Maarten in the sense that this very disruptive nature of Blockchain and CBDCs could,
in a way, revolutionize traditional banking systems toward higher financial inclusivity
with lower transaction costs, hence multiplying the efficiency of every financial
transaction in general. This literature review seeks to explore the development of
blockchain technology and its adoption within the Caribbean region, and what that
revolution means to the financial sector in St. Maarten.
2.2 The Evolution and Adoption of Blockchain Technology
Overview of Blockchain Technology
Blockchain technology is quite efficient in being a decentralized digital ledger
that records multiple transactions for a number of computers in a manner that cannot
be altered backward (Sharma et al., 2024). This is the technology underlying
cryptocurrencies such as Bitcoin and other decentralized financial services, including
smart contracts and decentralized finance (DeFi) platforms (Makarov & Schoar,
2022). The blockchain network and the consensus mechanism are the basics of
blockchain technology. All these have a vital role in ascertaining integrity and
security levels to enable distributed data across the network without necessarily
having a central authority (Leng et al., 2020). Blockchain technology dates back to
2008, after the publication of the Bitcoin whitepaper by an anonymous author known
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as Satoshi Nakamoto. It was first fundamentally designed to solve the doublespending problem without necessarily including any trusted authority or a central
server. Since then, the technology has moved from the preserver of cryptocurrencies
that promise to transform several sectors, such as finance, health, and logistics
(Nakamoto, 2008).
Global Adoption Trends of Blockchain and CBDCs
Today, day by day, the adoption of blockchain technologies is increasing
globally. This is necessitated by the need for operational efficiency while leveraging
the promise to offer an unprecedented level of security and transparency (Bennet et
al., 2024). Moreover, there goes the institution of finance on the blockchain for
solutions ranging from fraud in payment systems to the processing of transactions in
real-time (Baiod et al., 2021). According to a Bank for International Settlements
report, over 80% of the world’s central banks are already involved in or considering
CBDC projects. This comes when the technology is surrounded by much interest in its
potential to modernize financial systems (Boar et al., 2020). Some driving factors for
Caribbean blockchain and CBDC adoption and uptake are the region’s peculiar
economic and financial needs, notably the gap in financial inclusion and inefficiencies
of cross-border transactions (Foster et al., 2021).
2.3 Regulatory and Legal Frameworks
Global Regulatory Responses to Blockchain and CBDCs
While other jurisdictions, such as the European Union and Singapore, have
developed and oriented their regulatory frameworks toward promoting innovation,
they do not have absolute assurance of the protection of consumers, financial stability,
and compliance with international financial regulations (Boar et al., 2020). For
example, the Monetary Authority of Singapore has been at the forefront of enabling
the launching of blockchain trials while putting in clear guidelines for, among others,
money laundering and secured platforms (Monetary Authority of Singapore, 2019).
On the other hand, China, among other things, has followed a more disciplined
approach to developing its Digital Currency Electronic Payment (DCEP) (Louie &
Wang, 2021; Xia et al., 2023). The People’s Bank of China strictly regulates this, in
tune with the wider policy of integrating digital currency systems within its national
financial system while maintaining strict control (Kumar, 2022).
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Regulatory Challenges and Legal Considerations in the Caribbean
Today, there is a huge variation in regulatory clarity and the adoption of such
currencies in the region. The launch of its DCash by the Eastern Caribbean Central
Bank became the first deployment of CBDC in that region. The purpose is to enable
secure and efficient transactions within the member countries of ECCB, which will
lead to increased financial inclusion and reduced transaction costs. This legal regime
includes digital identity verification, transaction security, and cross-border
compliance. They now point the way for other countries in the region (CampbellVerduyn et al., 2021).
This is even more evident in St. Maarten due to its peculiar political and
economic circumstance. Saint-Maarten, then, will have to negotiate the regulatory
challenges within local and European legal frameworks, thus possibly creating
additional barriers to its adoption and regulation of blockchain technologies
(Campbell-Verduyn et al., 2021). Major legal considerations would be compliance
with anti-money laundering (AML) standards, uniform standards about consumer
protection as enshrined in law, and payment systems with international standards on
interoperability.
Other challenges exist, particularly because no harmonized regulatory
approach exists across the Caribbean. These, in turn, may affect the successful
implementation of unified technologies such as CBDCs due to different regulatory
bodies and financial policies on every island. This is necessary for St. Maarten to
enable the jurisdiction to harmonize its regulatory frameworks with the region and
international standards. Hence, its blockchain initiatives are legally compliant but, at
the same time, foster integration of the regional economy (IMF, 2023). In the world
regulatory environment, blockchain and CBDCs have, in turn, predictably brought
much dichotomous reflection to show the different national priorities and economic
strategies. Legal frameworks must support these developments in a manner that both
St. Maarten and the broader Caribbean can leverage to harness blockchain
technologies for economic growth and integration. Given the ongoing development of
these technologies, regulatory frameworks that will support their safe and effective
use will also need to be developed so that these technologies contribute to the
soundness of the financial systems of St. Maarten and the greater region (IMF, 2023).
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2.4 Economic and Financial Implications of Blockchain
The transparent and decentralized nature of blockchain technology provides
great potential for transforming the small-ish economy, such as that of St. Maarten, in
economic and financial landscape (IMF, 2023). The implication, therefore, is that the
economies of cost savings, market competition, and economic development accruable
due to the application of blockchain technology on the island are huge, warranting
further discussion on the economic and financial impact on the island economy.
Impact on Cost Reduction and Market Competition
Blockchain technology would minimize the cost of transactional and
operational activities in financial services to a great extent through disintermediation
and automation using smart contracts (Javaid et al., 2022). For example, in a country
with an island economy, the cost paid for the cross-border economy is very high
because this people’s economy depends on trade and remittance (Naderi, 2021).
Moreover, the blockchain supports healthy competition among players since it opens
the way for new players to enter the financial market. However, fintech startups using
blockchain may offer state-of-the-art financial services at a cost below the usual
commercial bank, hence increasing market competition with consumer choice
(Agrawal et al., 2024; Jarvis & Han, 2021). For example, in the Bahamas, the
issuance and introduction of the Sand Dollar as a blockchain-based digital currency
have allowed new entrants in financial service provision to compete credibly with the
legacy banks that hold sway in the marketplace (Central Bank of Bahamas, 2020).
Economic Development
Blockchain is another key aspect beyond cost-saving and competition
regarding its impact on economic development. By improving the efficacy and safety
of these processes, the technology may even attract foreign investment into the
country, meaning it is key to its economic growth (Ahluwalia et al., 2020). Some of
these examples include registries for properties built on the blockchain, which are
secure and transparent. Such would, in effect, bring assurance to the investors who
would, in clear assurance, witness a reduction in property rights risks of fraud. The
report on using blockchain in land registries published by the Inter-American
Development Bank (2017) has revealed that investor interest in real estate and related
sectors is growing in Caribbean nations with the adoption of the technologies.
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Financial Inclusion
The greatest benefit of using a blockchain in areas like St. Maarten is the
increased potential for financial inclusion. This has left many residents needing access
to conventional banking services. The majority of islands in such areas are scattered
across the area. As such, financial services companies deploying blockchain
technology that lies only on connectivity through the internet and nothing more shall
provide access to payment systems, savings accounts, and credit facilities for the
unbanked and underbanked population (Abdulhakeem & Hu, 2021). For instance, it is
in these ways that the Central Bank of the Eastern Caribbean DCash project has
contributed to access and the usage of digital payments for underserved populations
and has thus found them to be a way CBDCs can further better financial inclusion
(ECCB, 2021).
Case Studies: Economic Impacts in Similar Island Economies
The Caribbean islands have been included; for example, Bermuda has used
blockchain technology to enhance public service and lessen the cost of administration,
which all other islands can copy as well. The Government of Bermuda agreed with
the Bitfury Group to develop a project to implement blockchain in the land
registration system on the island (Government of Bermuda, 2018). The new initiative
was designed to help improve security and transparency within government
operations, which would count toward Bermuda’s first blockchain application for
government service. This would provide an opportunity for learning and deploying
additional blockchain functionalities to other government services through such
partnerships.
These initiatives will be included in the global business transformation,
particularly positioning Barbados as a regional hub for blockchain and financial
technology (fintech). Indeed, the country is recognized for its stability, integrity, and
strong commercial banking sector. Building on those strengths to bring added
advantages to the country, particularly in the financial technology aspect of
blockchain technology, would be one of the pluses in that respect. (Craigwell-Gittens,
201. The blockchain has its base technologies—crypt, smart contracts, and other
applications famous for enabling near real-time, reliable, transparent, and immutable
transactions. This is particularly transformational for the financial services industry,
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which has, over time, positioned itself as a front-runner in adopting blockchain
technology. It invests significantly in harnessing its innovation potential for new-age
payment systems and beyond (Craigwell-Gittens, 2019). This proactive approach to
blockchain technology finds expression in homegrown success stories like that of Bitt
Inc. The financial technology firm uses blockchain to help execute secure peer-to-peer
transactions across platforms (Craigwell-Gittens, 2019).
2.5 Technological Infrastructure and Integration
Current Technological Infrastructure in St. Maarten and the Caribbean
St Maarten is another typical example of an island in the Caribbean with a
mixed technology infrastructure, relatively high mobile penetration, and little to no
access to advanced banking technologies. However, while there is a potential for
mobile connectivity to offer opportunities that enable mobile-based blockchain
applications, the current regional infrastructure in financial technology needs to be
updated and more cohesive (Pazarbasioglu et al., 2020).
Challenges in Integrating Blockchain Technology with Existing Financial
Systems
One of the major challenges in integrating blockchain technology into the
islands’ financial systems is that most legacy banking systems cannot interface with
the decentralized nature of blockchain. However, most Caribbean banks have legacy
systems that work through centralized databases that are inoperable with the
distributed ledger technology on which blockchain operates.
Such discrepancy may bring pertinent technical and operational challenges in
integration that may require significant investment in system upgrades and staff
training (Gillpatrick et al., 2022). Further, the regulatory environment in St. Maarten
and the Caribbean could be a hindrance due to the lack of laws specifically governing
blockchain technology, which can present a situation of regulatory uncertainty. The
Eastern Caribbean Central Bank (ECCB, 2021) added that financial institutions may
not be willing to invest in a technology for which there is no defined legal framework
or regulatory backing.
Successful Technological Adoptions in Similar Economic Settings (Case Studies)
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However, some challenges are best exemplified by successful use cases of
blockchain integration similar economic and infrastructural. For example, the DCash
of the Eastern Caribbean Central Bank, tested weeks ago in Eastern Caribbean
countries, shows how blockchain can be implemented into existing financial systems
(Patrick & Lyle, 2022). DCash runs parallel to the traditional banking systems and is a
form of digital, complimentary cash transaction. In that, they provide a template to
other Caribbean nations and offer insights into how to manage interoperability with
the legacy financial infrastructure (ECCB, 2021).
Another study case is that of Bermuda, which has managed to put in place
operational systems based on blockchain technology for the betterment of government
operations. In 2018, Bermuda engaged in a significant project with the Bitfury Group
to implement blockchain technology in their land registry system. The project will
integrate blockchain technology into Trimble’s Landfolio land registry system and is
expected to increase efficiency and security in the accuracy of the operation of the
land registry within the territory. This is expected to be a critical step for further
deployment of blockchain in multi-government services all over the region
(Government of Bermuda, 2018).
In this manner, Barbados’ initiatives and partnerships to enhance its country’s
financial market capability also deal with blockchain involvement. For example, in
2018, Polymath—a company domiciled in Barbados—teamed up with the Barbados
Stock Exchange to explore listing for security tokens. This activity could radically
change the market into a dynamic trading platform. (Craigwell-Gittens, 2019). This
partnership, together with the entry of other blockchain firms, including Coin Start
Ltd, which became the first technology firm to be a listing sponsor on the
International Securities Market, is a very serious endorsement of Barbados’s
commitment to integrating cutting-edge technology into the delivery of its financial
services (Craigwell-Gittens, 2019).
To strengthen its position further as the blockchain capital in the Caribbean,
the island nation of Barbados seeks to establish a Technology Zone (T-Zone) offering
tax incentives and a special legal regime that would attract companies in the field of
blockchain, artificial intelligence, and other decentralized information systems
(Craigwell-Gittens, 2019). This realization, along with the people forming the
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backbone and government commitment to creating a legal framework enabling ease in
doing blockchain-based businesses, has seen increased discussions and awareness.
2.6 Security and Privacy Concerns
Security Enhancements Offered by Blockchain
Blockchain technology helps enhance security with its designed elements:
decentralization, encryption, and immutability. Together, these characteristics help
prevent fraud and unauthorized activities. This is important since decentralization
ensures that no single point of failure in the system can lead to a cybersecurity attack
against the whole network (Vijayalakshmi et al., 2021). In addition, every transaction
on a blockchain is normally encoded and linked to the preceding transaction. This
feature secures transaction data from tampering and provides clarity in history or the
audit trail, enforcing more accountability and trust by the users. For instance, the
blockchain offers security features for all monetary transactions between several
nations in implementing the DCash project by the Eastern Caribbean Central Bank,
hence providing a resilient framework against common cyber threats found in
traditional banking systems (ECCB, 2021).
Privacy Issues Related to Blockchain
The transparency of the blockchain brings great security benefits but also
exposes transaction details to all network participants, causing conflicts with privacy
requirements (Sedlmeir et al., 2022). The difficulty that presents itself could,
therefore, be very tricky, especially in financial transactions, where there is a
necessity for high confidentiality.
To address such privacy concerns, some blockchain implementations adopt
“zero-knowledge proofs” that allow persons to validate their transactions without
disclosing the transaction details to those who validate them. However, projects like
ZCash, a cryptocurrency project of proving cryptographic to zero knowledge, show
how a blockchain can be configured to ensure privacy is obtained while accruing
benefits from a decentralized ledger (Tyagi & Kathuria, 2022).
Vulnerabilities and Strategies to Mitigate Risks
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Although highly secured against many cyber threats, Blockchain networks
must still have some form of vulnerability. It presents the most noteworthy risk of the
51% attack. In this case, an entity controlling over 50% of the stakes would be able to
tamper with blockchain history for double-spending of coins. (Saad et al., 2020).
More so, the fact that such technologies are based on cryptographic techniques
implies exposure. Discovering weaknesses in cryptographic algorithms or successes
in quantum computing may expose blockchain networks to cryptanalysis and
transaction data tampering. For instance, with more participation in the network,
control by any single miner is diluted and hence preempts an attack on the 51% level
(Saad et al., 2020). Besides, cryptographic standards should be strong enough to stand
against these newly invented technologies to guarantee continuous technological
improvement and updates and conduct security audits.
2.7 Cross-border Payments and Financial Services
Blockchain technology and Central Bank Digital Currencies (CBDCs) are at a
position concerning changing the course of cross-border payments, which involves
much efficiency in services, security, and reducing costs (Ashfaq et al., 2023). This
section will drill down the transformational role blockchain and CBDCs will play in
enhancing efficiency during cross-border financial transaction exercises, specifically
focusing on how the period for carrying out international payments could be reduced
while improving security.
Enhancing Cross-border Payment Efficiencies
Most cross-border payment mechanisms have generally been considered
traditional since they are charged with the characteristics of expensiveness, slowness
in processing, and non-transparency. Blockchain technology helps minimize faults by
providing a decentralized transaction ledger accessible across geographical
boundaries without intermediaries. This system leads to a much faster process of
transactions with minimal costs since it eliminates all the charges accrued from
exchange rates and processing by multiple banks (Feyen et al., 2021). A study by the
Bank for International Settlements (BIS) reported that many systems built using
blockchain technology could be more effective for cross-border payment because it
enabled real-time transactions. Real-time transactions reduce dependency on
intermediary services that often delay the transaction time and surge its costs (BIS,
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2021). A good example is “Project Ubin,” showcased by the Monetary Authority of
Singapore, where they use blockchain to make cross-border inter-bank transactions
cheaper and faster (Monetary Authority of Singapore, 2020).
Potential for CBDCs to Simplify and Secure International Financial
Transactions
CBDCs are the next stage of development in the blockchain area. Most likely,
this is one way to digitize national monies and make many financial procedures easy
and understandable for common use. This, therefore, seems to bring the cross-border
payment process closer by enabling direct transactions between the involved
participating central banks without the necessity of currency exchange or validation
through a third party by leveraging blockchain technology (Feyen et al., 2021).
CBDCs’ potential to simplify and secure international transactions is great.
CBDCs, being built on a blockchain network, ensure these facets by storing all
transactions in an insatiable system, heightening security in cross-border payments.
Such a CBDC may include programmed compliance protocols that will even report
automatically to the relevant regulatory bodies, relieving it from complex regulatory
requirements vis-à-vis international deals (Feyen et al., 2021). The cooperation
between central banks in Hong Kong and Thailand is a classic example of the
opportunities to use CBDC in cross-border payments. The two countries are
collaborating in the Inthanon-LionRock project, which attempts to develop a
prototype for conducting cross-border real-time payment with significantly low
transaction time and costs (Bank of Thailand, 2021).
2.8 Future Trends and Research Gaps
Projects such as the multi-central bank digital currency bridge (mBridge) are
under development; this will facilitate real-time transactions in shared infrastructure
across borders for multiple jurisdictions (BIS, 2021). Another trend is the focus on
increasing privacy and security features of the blockchain system. Innovations such as
zero-knowledge proof allow confirming a transaction without showing the underlying
data for that transaction. It addresses one of the vital concerns concerning blockchain
technology privacy yet does not hinder any securities and transparency it ensures.
Nevertheless, some large gaps are evident in the current literature, particularly about
the economic impact of CBDCs on a small, open economy like St. Maarten. Much of
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the recent research has focused on larger economies or has more of a theoretical slant
than it does actual empirical data on the implications for such a small, tourismdependent economy as this nation’s. Moreover, there is very little research on
consumer acceptance and its behavioral impacts in adopting blockchain and CBDCs
in the region. However, it is very crucial for its successful implementation.
2.9 Conclusion
The literature review points out that blockchain technology and CBDCs have
identified enormous transformational potential toward the contours of financial
services, most especially in light of St. Maarten. In identifying how these technologies
can boost efficiency in transactions, security, financial inclusion, and more, the
potential they have in revolutionizing cross-border payments. This is a key piece of
information within the wider objectives of this dissertation, which aims to evaluate
the impacts of blockchain on the financial services sector of St. Maarten focusing on
its regulatory, economic, and technological implications. The review also underscores
important gaps in current research, specifically the need for further empirical and
analytical data on the impacts on small island economies, which points to potential
areas for further research.
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Chapter 3: Methodology
3.1. Introduction
This chapter presents the methodology that will be used to investigate the
implications of blockchain technology within the financial services sector of St.
Maarten. As proposed at the beginning of this research, the study within this paper
will be a mixed-methods approach that includes both qualitative and quantitative
research techniques to represent the overall research topic adequately (Teddlie &
Teddlie 2003). This approach resonates with the research onion model, which has a
trajectory that moves progressively across concentric layers of research design to
answer the posed research question optimally.
Figure 1: Research Onion (Saunders, 2007)
3.2. Research Process and Philosophy
The general guiding of this dissertation research philosophy is basically postpositivism coupled with symbolic interactionism and realism, critically accepting the
assumptions, tenets, principles, and values involved in qualitative inquiry (Spencer et
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al., 2020). This will be an empirical review of the implications of blockchain
technology in the financial sector. Particularly, this target will focus on the emergent
integration of blockchain-based payment systems in St. Maarten. The research applies
in-depth literature reviews and case studies in the development of a foundational
understanding of blockchain in similar economic setups, hence identifying gaps for
this regional study.
3.3. Research Design
The research design of this study is structured to incorporate both exploratory
and descriptive research features, using both qualitative and quantitative methods. The
paper will use qualitative methods since they help understand the depth of perception
and experience of financial service providers regarding blockchain integration. This
research helps to understand adoption in blockchain’s contextual and subjective
dimensions. It provides a systemic measurement of the acceptance, challenges, and
systematic measures for the stakeholders’ perceived benefits within the financial
sector of St. Maarten. The research design will seek to integrate these methods to
offer a composite empirical and operational landscape of blockchain technology in the
region and reflect the trends and both statistical and personal inputs from the industry.
3.4. Research Strategy
This dissertation uses an approach based on mixed methods, namely, majorly
qualitative research, which gets support from the quantitative data. In this strategy, the
main reason is to maximize the depth of the insights that can be realized by
investigating details from the literature review and the case studies provided with rich
context details to understand the impacts brought about by blockchain technology.
The following work is based mainly on the following data sources presented
qualitatively for changes in the strategic and operational environment within the
financial services industry influenced by blockchain. The quantitative data are
collected through surveys and secondary data analysis, providing a wider perception
of how widely blockchain technology is accepted and the challenges and benefits
associated with it. The research strategy synthesized these approaches for
comprehensive analysis of blockchain implications with specific detailed qualitative
insights and holistic, generalizable quantitative validation of the results.
3.5. Qualitative Methods
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Qualitative aspects of the research utilized extensive case studies and literature
reviews to provide a rounded set of data on the implementation of blockchain
technology across the Caribbean, which is crucial for providing context. These
approaches provided a solid foundation for understanding the nuances of this
technology in economically similar environments to St. Maarten.
Case Studies: The study included detailed case studies of several financial
institutions adopting blockchain technology. The strategic adoption of blockchain and
the ensuing changes in operational processes were assessed through data collected
from key stakeholders and secondary data analysis. These case studies offered
insights into practical examples of the real-world challenges and successes institutions
face.
Literature Review: A comprehensive review of academic journals, industry reports,
and whitepapers on blockchain projects was conducted. This review mapped the
broader theoretical and practical implications of blockchain within financial systems
and identified gaps in the existing body of knowledge. The literature review provides
a deeper and more relevant basis for this study, allowing for formulating research
questions and approaches with updated, comprehensive industry knowledge aligned
with global trends and current research.
3.6. Quantitative Methods
In this study, quantitative data were gathered through structured questionnaires
distributed to financial stakeholders in St. Maarten to measure the acceptance of
blockchain technologies and to identify perceived challenges and benefits relating to
its adoption in the banking, insurance, and retail sectors. The questionnaire consisted
of 25 questions, both closed and open, designed to measure a wide variety of things
from demographic information about the respondents and their knowledge of
blockchain to a much more detailed set of questions about pros and cons in case of
blockchain integration into the financial systems. The questionnaire was clear and
focused on the objectives of the research. Therefore, it was an important tool in which
the researchers used to quantify the reception by the industry pertaining to blockchain
technology.
Sampling Strategy: The research employed a mixed sampling strategy design to
improve the reach and effectiveness. This, therefore, had the effect of improving the
20
representation in the findings and generalization of the research, taking into
consideration the potential respondent, whereby each potential respondent was given
an equal opportunity to take part in the study (Bryman & Bell, 2021). In addition,
convenience sampling was used on purpose to get data from the respondents who
were readily available and had good knowledge regarding the topic of the blockchain
so that the convenience for practical feasibility and cost-effectiveness could be
achieved. This dual sampling strategy ensured comprehensive coverage of the target
population, contributing to the robustness and reliability of the quantitative data
collected (Neuman, 2003).
Population and Sample Size: The targeted population consisted of about 5,000
professionals involved either directly or indirectly with payment systems within the
financial services industry of St. Maarten. This was considered sufficient for a high
degree of statistical significance without overly impacting the manageability of
detailed analysis.
3.7. Data Collection Procedures
First, all the primary data were collected through the designed questionnaire
administered online and on a one-on-one basis to enhance the response rate. Second,
data was collected from public and proprietary databases to give a robust dataset for
analysis.
Primary Data Sources: Data from primary sources are collected with the help of
questionnaires from bankers, insurers, brokers, and many other service providers. This
source provides first-hand information regarding operational realities and strategic
decisions that take effect from blockchain technology.
Secondary Data Sources: The secondary data shall be acquired through key
reputable academic journals that emphasize technology, blockchain, and financial
services. Such journals include “The Journal of Financial Perspective,” “The Journal
of Digital Banking,” and “The International Journal of Blockchain and
Cryptocurrency Research.” The sources will provide serious academic points of view
and findings that support your impact analysis of blockchain.
3.8. Ethical Considerations
In research of this nature, strict ethical considerations were observed to ensure
the research’s success and the study’s ethical compliance. Before the process of
21
participation, all the respondents were fully informed of the reason for the research
and their role within it. They were also informed that involvement was voluntary. In
this process, to get informed consent, the participants were recognized as
understanding and agreed to contribute in clear terms. Here, privacy and
confidentiality were taken as prime importance. Measures were taken to ensure that
the data collected was de-identified, ensuring that individual identities are never
revealed at any juncture of reporting findings. Special attention was also paid to the
safe storage and handling of sensitive information so that excludable data does not fall
into the wrong hands or be insecure from data breaches.
3.9. Data Analysis
Data analysis in this research was partitioned into the quantitative and
qualitative streams that would meet the study design criterion under a mixed-methods
approach. Further systematic analysis of quantitative data using statistical software
can offer numerous types of analysis, beginning from descriptive statistics and
summarizing the data to inferential statistics that will allow the making of conclusions
and generalizations about the data. This very analytic process helped identify the key
patterns, trends, and relationships among variables related to the adoption of
blockchain technology in the financial sector.
Surveys and case studies were used to collect data. The methods used in this
study were mostly code-based to analyze the collected textual data from the case
studies to find the major themes and the narratives. The qualitative analysis played a
critical role in bringing deep insights into the subjective experience and perception of
the stakeholders about blockchain technology, hence offering this nuanced
understanding that could not be offered by quantitative data alone.
3.10. Validity and Reliability
The tools for data collection were very reliable due to the meticulous design
and execution of the research. Validity has been addressed, mostly through careful
construction of questions in the survey, which was reviewed and pilot-tested with a
small segment of the target population. Hence, the questions effectively drew the
desired information and had no biases. This helped refine the questions that best
reflected the phenomena under study and improved the content and construct validity
of the instruments. To ensure reliability, procedures in data collection and analysis
22
were standardized. The research attempted to minimize potential variability in how
data were gathered and interpreted by applying the same methods and protocols at all
the data collection points.
3.11. Summary
This chapter presents the detailed systematic mixed-methods research
approach to investigate the intricate dynamics denoting blockchain technology within
St. Maarten’s financial sector. From this perspective, through the incorporation of
both qualitative and quantitative approaches to research, a strong framework is used
that successfully captures the various perspectives and empirical data required for a
full understanding of the implications of adopting blockchain technology, which is
multi-faceted.
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Survey on a Blockchain-based Digital Payment System Implementation in Financial Services on St. Maarten
Survey on a Blockchain-based Digital
Payment System Implementation in
Financial Services on St. Maarten
201 responses
Publish analytics
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Informed consent: Do you wish to participate?
201 responses
Yes; Please Go to Section 2,
Question 1. If No; you may
close your browser now. Thank
you.
94%
Yes; Thank you; Please Go to
Section 2, Question 1
Yes; Thank you; Go to Section
2, Question 1
A) Demographics and Background Information:
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1. Date of Birth. Make sure you select your correct Year of Birth.
196 responses, 95 not shown
Apr 54
1
Sep 86
7
Jan 90
13
Jul 1957
3
Mar 1959
21
Sep 1959
21
Apr 1960
21
Apr 1964
19
Jan 1965
6
Mar 1965
17
May 1966
20
Sep 1967
14
Jun 1968
27
Feb 1970
5
May 1970
15
Jul 1970
26
Jan 1971
2
Apr 1971
6
Feb 1972
16
May 1972
5
Jul 1972
1
Sep 1972
12
Oct 1972
28
Nov 1972
20
24
23
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Mar 1973
13
Aug 1973
22
Oct 1973
20
Mar 1974
12
Apr 1974
21
Nov 1974
26
Mar 1975
15
Jul 1975
3
Dec 1975
18
Jul 1976
7
Apr 1977
12
May 1977
13
Jun 1977
14
Sep 1977
7
Oct 1978
3
Dec 1978
12
Feb 1979
6
Mar 1980
7
May 1980
7
Aug 1980
8
Oct 1980
11
Nov 1980
22
Jun 1981
13
Aug 1981
17
Oct 1981
2
Mar 1982
25
19
18
24
22
23
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Feb 1984
3
Apr 1984
3
Nov 1986
13
May 1988
8
Aug 1988
12
Sep 1988
17
Nov 1988
25
Oct 1989
14
Nov 1989
22
Dec 1989
3
Mar 1990
23
Sep 1990
16
Jun 1991
8
Sep 1992
14
May 1993
8
Jul 1993
11
Jan 1994
5
Feb 1995
12
Apr 1995
27
Jun 1995
27
Nov 1995
16
Feb 1996
4
Apr 1998
7
Jun 1998
7
Dec 1998
20
Feb 1999
2
21
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4/19
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May 1999
20
Aug 1999
7
Sep 1999
4
Jan 2000
24
Apr 2000
16
Oct 2000
10
Nov 2000
3
Jul 2001
15
Jan 2002
28
Sep 2002
3
Jun 2009
11
Feb 2024
19
Apr 2024
13
Aug 2024
7
17
2
8
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2. Choose a Designation (gender)
201 responses
Female
Male
63.2%
Non-binary
Prefer not to say
34.3%
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5/19
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Survey on a Blockchain-based Digital Payment System Implementation in Financial Services on St. Maarten
Copy
3. Choose you Occupation or Industry
199 responses
Finance or Bank
6%
Wholesale or Retail
Insurance
16.1%
Tourism
Real Estate
Logistics & Shipping
17.1%
Public Service
36.2%
Technology
1/2
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4. What is your Role within your Industry or Sector?
201 responses
Executive
Administrative
10.4%
10.9%
27.4%
Manager
Analyst
IT Specialist
Sales
14.9%
Other
24.9%
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5. What is your highest Educational Level?
199 responses
High School or equivalent
Bachelor’s degree
37.2%
Master’s degree or higher
Other
12.6%
48.2%
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6/19
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Copy
6. How long have you been Working in your Industry or Sector?
201 responses
Less than 1 year
1-5 years
41.8%
6-10 years
More than 10 years
37.3%
19.4%
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7. How familiar are you with Blockchain Technology?
201 responses
60
59 (29.4%)
53 (26.4%)
40
32 (15.9%)
31 (15.4%)
26 (12.9%)
20
0
1
2
3
4
8. Do you use any other form of Digital Payment Platforms besides your
5
Copy
Bank’s Online Banking?
200 responses
Yes
No
21.5%
78.5%
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Copy
9. Would you use Digital Cash if offered by the Central Bank (CBCS)?
201 responses
Yes
No
Maybe
26.4%
66.2%
B) Awareness and Perception of Blockchain Technology & Digital currency
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10. How would you rate your Understanding of Central Bank Digital
Currencies (CBDC)?
201 responses
80
60
61 (30.3%)
52 (25.9%)
40
20
29 (14.4%)
35 (17.4%)
24 (11.9%)
0
1
2
3
4
11. Are you aware of any Blockchain Initiatives within your Organization
or Workplace?
5
Copy
201 responses
Yes
No
I do not know
12.9%
71.1%
15.9%
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8/19
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Copy
12. Would you Support and Use a Blockchain-based Digital Currency for
your Financial Payments or Transactions if given the option?
201 responses
100
86 (42.8%)
75
50
55 (27.4%)
34 (16.9%)
25
7 (3.5%)
19 (9.5%)
1
2
0
3
4
5
C) Regulatory and Legal Implications:
13. Do current Legislation or Regulations in St. Maarten support the
adoption of blockchain technology?
Copy
201 responses
Yes
No
40.8%
I do not know
9.5%
49.8%
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9/19
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Survey on a Blockchain-based Digital Payment System Implementation in Financial Services on St. Maarten
Copy
14. How concerned are you about Legal Issues related to a blockchainbased digital currency use in Financial Services?
201 responses
80
68 (33.8%)
60
55 (27.4%)
40
43 (21.4%)
20
22 (10.9%)
13 (6.5%)
0
1
2
3
4
5
D) Security and Privacy Concerns:
15. Do you believe a blockchain-based digital currency can Enhance the
Security of financial transactions?
Copy
198 responses
Yes
No
24.7%
75.3%
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Copy
16. On a scale, how would you rate the Importance of Privacy in a
blockchain-based digital currency in financial services?
201 responses
100
90 (44.8%)
75
50
52 (25.9%)
40 (19.9%)
25
7 (3.5%)
12 (6%)
0
1
2
3
4
17. Do you believe a blockchain-based digital currency technology can
Reduce instances of Fraud in financial transactions or payment services
5
Copy
on St. Maarten?
200 responses
Yes
No
27.5%
72.5%
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11/19
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Survey on a Blockchain-based Digital Payment System Implementation in Financial Services on St. Maarten
Copy
18. How effective do you think a blockchain-based digital currency would
be in combating money laundering and other financial crimes on St.
Maarten?
200 responses
100
94 (47%)
75
50
44 (22%)
25
24 (12%)
23 (11.5%)
4
5
15 (7.5%)
0
1
2
3
Copy
19. Select what most Concern(s) You about Digital Currencies?
200 responses
Cybersecurity
128 (64%)
Data Privacy
127 (63.5%)
Offline Capabilities / Acc…
Interest Gains
Elimination of traditional…
94 (47%)
18 (9%)
44 (22%)
69 (34.5%)
De-Cashing / Being cashl…
Government Regulation
37 (18.5%)
Central Bank Interference
0
60 (30%)
50
100
150
E) Impact on Market Dynamics and Financial Inclusion:
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12/19
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Survey on a Blockchain-based Digital Payment System Implementation in Financial Services on St. Maarten
Copy
20. Do you think a blockchain-based digital currency will Lead to more
Inclusive financial services?
199 responses
Yes
No
23.6%
76.4%
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21. How likely is a blockchain-based digital currency to Impact Financial
Inclusion for the “under-banked”, “off-griders” or “off-liners” in St.
Maarten?
200 responses
80
60
63 (31.5%)
62 (31%)
40
36 (18%)
20
28 (14%)
11 (5.5%)
0
1
2
3
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4
5
13/19
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Survey on a Blockchain-based Digital Payment System Implementation in Financial Services on St. Maarten
Copy
22. A digital currency based on blockchain can Improve the
Competitiveness of financial institutions on St. Maarten?
200 responses
80
69 (34.5%)
60
49 (24.5%)
40
20
40 (20%)
20 (10%)
22 (11%)
1
2
0
3
4
5
F) Integration Challenges and Technological Infrastructure:
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23. How Adequate is the current Technological Infrastructure on St.
Maarten to support a blockchain-based digital currency and technology?
200 responses
80
68 (34%)
60
40
66 (33%)
44 (22%)
20
11 (5.5%)
11 (5.5%)
4
5
0
1
2
3
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14/19
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Copy
24. Rate the difficulty of Integrating blockchain-based digital currency
with Existing financial systems.
200 responses
100
81 (40.5%)
75
50
40 (20%)
25
35 (17.5%)
37 (18.5%)
4
5
7 (3.5%)
0
1
2
3
25. Does your organization have the necessary Technical Expertise to
implement blockchain technology?
Copy
200 responses
Yes
No
43%
I don’t know
15.5%
41.5%
G) General Questions and Future Perspectives:
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15/19
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Copy
26. Do you believe that blockchain technology will be Widely Adopted in
St. Maarten’s financial sector within the next five years?
198 responses
Yes
No
33.3%
66.7%
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27. Select what type of Support is Needed most for blockchain-based
digital currency adoption?
199 responses
97 (48.7%)
Financial
87 (43.7%)
Educational
162 (81.4%)
Technical
49 (24.6%)
Legal
37 (18.6%)
Governmental
1 (0.5%)
No support needed
0
50
100
https://docs.google.com/forms/d/1xlUdcU58d42eM6VsJCKj-lbT92Jdh9hmdEv5QrxpQbE/viewanalytics
150
200
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Copy
28. How willing are you to Engage in Education and Training related to
blockchain technology?
200 responses
80
68 (34%)
60
60 (30%)
45 (22.5%)
40
20
12 (6%)
15 (7.5%)
0
1
2
3
4
5
Copy
29. What are your Long-term Predictions for the impact of blockchainbased digital payments on the financial sector in St. Maarten?
200 responses
80
68 (34%)
60
56 (28%)
45 (22.5%)
40
20
20 (10%)
11 (5.5%)
0
1
2
3
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4
5
17/19
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Survey on a Blockchain-based Digital Payment System Implementation in Financial Services on St. Maarten
31. What do you believe is the Biggest Advantage of using digital
currency based on blockchain in financial services?
Copy
198 responses
Increased security
Faster transactions
33.8%
Reduced cost
Enhanced transparency
Financial inclusion
25.3%
27.3%
32. Do you think the Central Bank should Release a Blockchain-based
Digital Currency with the launch of its new Caribbean Guilder (XCG)?
Copy
200 responses
Yes
No
19%
81%
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