The government of St. Vincent and the Grenadines is working with PayPal and other online payment platforms to facilitate transactions.
Currently, withdrawal cannot be made from SVG-registered PayPal accounts.
Minister of Finance Camillo Gonsalves said last week that while the issued related to Paypal and online payments are separate, they are also related.
“There is a lot of work in place that we are doing now with the Bank of St. Vincent and the Grenadines to make online payment easier. This is not PayPal,” he told a press conference.
“And then we are having conversations at the ministry level with PayPal itself, if you want to name that brand about removing whatever prohibition may be in place to facilitate that type of transactions taking place.”
He said there have been a number of concerns at the level of those corporations about money laundering and the like.
“And we have to assuage some of those concerns going forward but we are working assiduously to make that happen,” he said.