Dominican gets top job in Bitcoin industry

Toulon-Foerster was named Vice President of Special Project at CoinOutlet INC
Toulon-Foerster was named Vice President of Special Project at CoinOutlet INC

Dominican, Adella Toulon-Foerster, has been named Vice President of Special Project at CoinOutlet INC, a major US-based company in the emerging Bitcoin industry.

She attended the Convent High School, Dominica State College, and then went on to earn an LLB with honours from Nottingham Law School.

During her fourth year there, Toulon-Foerster  wrote a dissertation entitled: “Crossing The Line: Tax Havens and Offshore Financial Centres”.

Toulon-Foerster then attended the George Washington University School of Law in Washington, D.C., completing her Master of Laws in Business and Finance Law with her paper: “Bitcoin: Strength in Numbers”.

Toulon-Foerster has been interviewed and written extensively on Bitcoin and how it could potentially impact the lives of the billions of unbanked people in developing and emerging markets.

In her new job she will work directly with the CEO of CoinOulet INC and the Legal Department.

Below is an interview with DNO.

DNO: Tell us more about your company.

ATF: CoinOutlet LLC is a American company that specialises in financial services kiosks. Our initial products are Bitcoin ATMs, which are at the centre of the Bitcoin ecosystem because they allow public access to easy and convenient buying and selling of Bitcoin for cash. CoinOutlet’s kiosks provide secure fulfillment services with bank grade security, and will soon be popping up all over the United States due to our recent deal with Locant Services, which allows installation of the ATMs at 100,000 high traffic public locations including Walmarts, 7/11s and airports! And of course we comply with American financial regulations, including KYC/AML.

DNO: How do you fit in there?

ATF: I work directly with the legal department and the CEO. Among other things, I am responsible for scoping and implementing CoinOutlet’s special projects and strategic initiatives, including the development of the long-range domestic and international strategic plan. But, as a Dominican and a West Indian, remittance issues are always near and dear to me. I would like to see Caribbean people send their hard earned dollars home to their loved ones for a minimal charge. According to the World Bank, over half a trillion dollars are sent every year as remittances. Can you imagine that? Those dollars are from people who are working hard to take care of their families. Why should they have to pay an arm and a leg to send money home?

DNO: So CoinOutlet is concerned about these sorts of things?

ATF: Absolutely! CoinOutlet is a very conscious, progressive company. We want to do things differently and we always look at the impact on the ecosystem that we are working in. Our goal is to provide a top notch service and address some of the issues of the unbanked. I am really proud to be a part of this team of dynamic people.

DNO: Here in Dominica we’ve heard a lot about Bitcoin because of the Bit Drop that’s been said to be happening here next year. Are you or CoinOutlet involved with that?

ATF: Not directly. But we do hope to install some of our ATMs in Dominica so that when people receive their free Bitcoin, they can turn it into E.C. dollars if they wish or if they like Bitcoin can buy some more conveniently with E.C. dollars. I think it is a really cool initiative and they’re throwing a big fete, so I’ll definitely want in on that!

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  1. Ronald Vidal
    October 24, 2014

    Congradulations-well done
    Whereever Domincans go we persevere and prosper despite the ovwerwhelming obstacles yet we are not appreciated in our own home the nature island.

    • ATF
      October 26, 2014

      Thank you Ronald!

  2. Anonymous
    October 23, 2014

    But how is she Dominican DNO? Who are her parents? The story does not provide this detail.

  3. Prophet
    October 23, 2014


    BitCoin is an unregulated money market for peer to peer transactions – which is not a good idea.
    There are a finite number of bitcoins (mathematical) that have a notional value which is traded mainly for ILLEGAL ACTIVITY. Also Governments find it hard to tax bitcoins which can be lost if a machine is compromised.

    We’ve had enough of these get rich quick schemes that only tarnish our reputation more and more. We need honest, feasible, sustainable projects for development of our nation… this another case of “one of our own” doing us in as was done for the African slave trade; working with the white colonists to the detriment and sacrifice of their countrymen! Put your acquired talent to work elsewhere Mam.

    • Anonymous
      October 25, 2014

      Mrs Toulon the great CHS teacher living in Roseau is her grand mother.

    • ATF
      October 26, 2014


      Your comment it interesting. You wrote:

      “BitCoin is an unregulated money market for peer to peer transactions – which is not a good idea.”

      Why isn’t it a good idea? Is it a better idea to have currency that can be manipulated by treasuries, currency boards and governments?

      Every single transaction is stored on the block chain — a massive accounting ledger. The double spending problem has been solved and there is NO way that the system can be readily manipulated by one person or group.

      I don’t think Bitcoin will replace FIAT money but I think it compliments it well.

      Bitcoin is not a “get rich scheme”. This is extremely false. That would mean that early adopters would most certainly profit while late adopters lose. Every adopter can profit from a trading mechanism is that is secure and decentralized.

      The other part of your comment is racist and offensive and frankly, does not belong in today’s context.

  4. appreciate
    October 23, 2014

    seem BITDROP is an event which will take place after elections next year .
    New government fresh energy whoever wins .
    .seem we do need to be in the 21st century ..This will be news that a poor small Island is trending with the times what do we have to lose really.?
    So Adella a Dominican is now employed in a dynamic environment of big business and the world of finance
    Congratulations to you girl. Do us proud !!!
    enjoy your new status and benefit from your EDUCATION ..!!
    Seem your intelligent comments on BIT COIN has paid off …
    Reminds me of facts so long forgotten that the DA initiator which introduced the BITDROP promoters to DA O,J former PM was always a trend setter ..bringing BIG YOUTH here and the Haitian Band now appearing regularly at creole festival ..sending Gramax to Super Bowl ,local Owner of Dominica,s first airline Dominica AIRWAYS and the owner of the famous GREEN LANTERN CLUB at the site of the deep water harbor etc
    Heard he was the Chairman of NDC when the creole festival was birthed in 1996 ..whilst being a founder EXECUTIVE member of the new DHTA and represented them by INIITIATING the FESTIVAL to increase room occupancy a fact so easily lost as so many claim this accolade .. So why do we dismiss our leaders who served this country well.?
    Why are we ignorant of their contributions to this nation ?

  5. brois
    October 23, 2014

    Dno is a joke, they post whose comment that are aligned to their agenda. Now banned me! !

  6. trending
    October 23, 2014

    For the people of Africa who send remittances from EUROPE Canada and the USA BitCoin is now a proven alternative means of transferring funds to their families at near zero cost – the benefit to their families will increases .
    The world has stood up and taken notice and like the cell phone and email this is the new money !
    We can speak all the negatives we want ,however we in Dominica are a drop in the bucket on this international progression and ADELLE is now placed at the crest of the new phenomena .
    Her stout defense of the OJ led BITCOIN initiative for Dominican some weeks ago no doubt was her cv which attracted the people of Bit Coin to see the talent and qualification of the young lady .A positive position will always yield positive results ..welcome to the new world of high end benefits .
    Adella may your sun shine !
    Bravo girl we thank you and former PM OJ Seraphin who led the way on this BIT COIN DA initiative and by your mature understanding of what is peaking and the energy you have put in persuading your country to embrace and to be counted in a world trend which is now irreversible !!
    Bitcoin is here and we may well adjust to that fact whilst getting educated at its possibilities.

    • ATF
      October 26, 2014


      Thank you for your kind comments :-). However, I have to admit that I was not looking for a job in the Bitcoin space — I was on my way to begin a Doctor of Juridical Science candidacy — to write more about cryptocurrencies and how their nature and adoption will affect Banking Law.

      I think soon, everyone will know what Bitcoin is. Remember when the internet started being wildly adopted and people were like WTH is this?! – Most of the stories were about pornography and identity theft yet now, EVERYONE and their cousin uses it.

      Yep, I think it’s very much like that.

  7. Bitcoin observer
    October 23, 2014

    My only concern is that since bitcoin is a limited currency – meaning that only a finite amount can be produced – unlike “paper currency” which is produced by a central back and introduced into the economy based on speculations relating to purchase of financial assets & money lending etc… How will the introduction of bitcoin benefit a country like ours…?

    Let’s not forget that in the US it is said that 1% of the population owns 99% of the wealth – if they were to start converting their riches into bitcoins what would be left over for the 99% of the population & their 1% share of the wealth…

    Also on a global scale how does the entire value of Dominica’s economy relate to conversion into bitcoin currency – to then be divided among the working population – Eg. So that all public officers could receive their salary in bitcoins… how much money would we really have on the bitcoin market? $50, 000 XCD in my account would then amount to how much bitcoins? – Because I know exactly how much US $ (internationally recognised currency for trading) that $50,000 XCD is equivalent to…

    While I congratulate Adella on her appointment and wish her success… I’ve found that people do things in their best interest….

    And right now there are alot of people hoping to ride out the bitcoin wave before the market collapses and will leave us lay people with major losses just as the new millennium dot com bubble collapse and the more recent stock market crash that led to a financial crisis and has left some of us with huge losses in our insurance policies…

  8. October 23, 2014

    Bitcoin is still unstable and still testing, they require far more people to be involved for it to be successful, its a good opportunity to cash in and a opportunity to lose if you don’t fully understand how financial services work…. bitcoin will take some time, unless…

    • ATF
      October 24, 2014

      @ MinisterOfTechnology: If a lay person came up to me and said they wanted to play around or hedge with Bitcoin’s volatility, I would really advise them against it.

      However, it is a lovely way to send money quickly and efficiently without the horrendous charges.

  9. NO!!!!!!!!!
    October 23, 2014

    Adels BITCOIN darling? in this fast paced economy we all need jobs and you are such a brilliant talent, however friendly advice keep this in America and out of the region. Dominicans are going to see this as legit because you are now the poster child and that makes me very uncomfortable. That is the same for me endorsing medication that is being questioned elsewhere and allowing my name and image to be attached to it, because of sales and promotion, soft advertising it to my people. You don’t get paid in BITCOIN, I knew you were into this when you were so defensive of it. What did you buy in Bitcoin my girl? We are supposed to be leaders, people responsible to our own and yet we are the ones leading them astray. You know full well that BITCOIN position is just a ploy to rope Dominicans who look up to you and other Caribbean people into a scam. Stop it.

    DOMINICANS STAY AWAY FROM BITCOIN.. not even Warren Buffet wants a thing to do with it, and Adela gets paid in US currency, she doesn’t buy gas in BITCOIN, nor her groceries or stuff for her kids. This is wrong on so many levels

    • ATF
      October 24, 2014

      @ Nooooo!!!!!! : I have been writing about Bitcoin/cryptocurrencies since 2012 and I can tell you that while Warren Buffet wants nothing to do with it,, paypal, victoria secret, Target, Amazon and a looooong list of companies accept Bitcoin as payment now.

      If I had to choose between Warren Buffet and Sir Richard Branson, I would choose Branson everytime (He is a major investor in BitPay — a Bitcoin company ;-)).

      Check out this Bloomberg clip:

    • Patriot
      October 27, 2014

      You can’t even spell her name and you think you know how she gets paid? lol!

  10. October 23, 2014

    Congratulations are in order.

    • ATF
      October 24, 2014

      Thank you @ Ras Albert!

  11. really
    October 22, 2014

    Dominicans really something else, the woman got a job in a big firm, but all y’all can do is try bring people down, do some research on bitcoin, its a good company, but just like any form of exchange there will be laundering, so y’all need to just chill on all that

  12. brois
    October 22, 2014

    was the first article you publish part of the interview process MS Adela? I with many other Dominicans see the play here , setting up one of our brightest to push an agenda hoping that the Dominican public will not push back. Good luck . .

  13. October 22, 2014

    Time will tell ‘. look before you leap Fools rush in where angels fear to tread

    • Concerned
      October 23, 2014

      As she is well qualified, and accomplished, as well as knowledgeable, I want to know who is the fool?

  14. Teacher
    October 22, 2014

    An excellent teacher’s daughter………… proud of you Della!

  15. awa wi
    October 22, 2014

    Below are a few of my observations that make me a bitcoin skeptic:

    AML – Anti Money Laundering – Anti-money laundering (AML) is a term mainly used in the financial and legal industries to describe the legal controls that require financial institutions and other regulated entities to prevent, detect, and report money-laundering activities.
    Traceability – Though each bitcoin transaction is recorded in a public log, names of buyers and sellers are never revealed – only their wallet IDs. While that keeps bitcoin users’ transactions private, it also lets them buy or sell anything without easily tracing it back to them
    Absence of Economic inclusion – Due to complexity of the Bitcoin – generation and distribution system, it is only accessible to a few with knowledge and computing resources and economic means. As a currency bitcoin fails to address the economic inclusion and simplicity of a transaction involving exchange of goods and services for a instruments such as cash.
    Limited scope of Cybercurrency – At the outset there are predetermined number of bitcoins (42 Million), after which, if the currency goes mainstream will face inflationary pressures, and will face similar challenges of intermediation and interchange – the very system it attempts to combat today. This also raises concerns over absence of economic inclusion discussed above.
    Lack of Governance – Fiat currency is backed by a country’s government and economy, similar to gold standard it is backed by a collateral. While bitcoin is still in infancy and lack maturity, it needs governance to resolve dispute. As a technical platform it is robust but it matter of time till the processing power catches up with the speed or other avenues to disrupt the block chain emerges. Lack of governance can cost not just the bitcoin users but the entire bitcoin economy.
    Lack of safety and Volatility – Bitcoin as a Cybercurrency as described in public ledger and the owner is identified by a bitcoin address, which is protected by password. These digital currencies can be stored on hard drive, cloud drive or even paper (QR Code), access to which is a password. Lost hard drive, replicated QR code and lost password implies lost wealth. This volatility of the currency can be problematic for large sums, and transactions.
    I am a bitcoin skeptic but believe that Bitcoin itself has a lot of potential, not a currency but as a technology platform to be adopted in current financial system to ensure speed and security of money transfer.

    • hugo
      October 23, 2014

      @ awa wi

      its one of the few normal and logic comments without saliva and ignorance…

      I fully agree that from safety perspective it isn’t the most secure way to accumulate wealth and Bitcoin surround many legal problems. It seems that technology development is quicker that law development..

      Regarding due diligence aspect of Bitcoin – I would disagree with you – money launderers would need to convert their bitcoins into some currency and companies providing such exchange services should implement Know Your Customer policy and be able to identify the client. So for sake of security its beneficial to recognize Bitcoin as legal instrument and start supervising Bitcoin exchangers same way as banks, brokers etc…

  16. JoJo
    October 22, 2014

    Dear Ms. Toulon-Foerster whatIi like to know is, whether your salary is paid in bitcoins or dollars.

    • ATF
      October 26, 2014



  17. Penniless
    October 22, 2014

    What ever happened to the ALBA common currency…. the SUCRE?

    • October 22, 2014

      Oil prices crashed, Venezuela went broke, and that was the end of that.

      • Cerberus
        October 22, 2014

        Steve that was never a flyer. Like it or not all the countries that nodded sagely to Hugo Chavez want to get paid in U.S.Dollars, especially Venezuela itself.

  18. October 22, 2014

    Hello and good afternoon my people. First I want to congratulate Ms Foerster on her appointment to this position but I must caution her because of the American Government position on Bitcoin. The American Government see Bitcoin as a competitor to the American dollar and they will do anything to prevent it from taking hold. They have arrested many people and charged them with Conspiracy and Mail Fraud so please be careful because you are an educated person. With your education and your degree in finance I think you should seek employment on Wall Street where you will be safe and you can make much more money than in the Bitcoin Industry.

    • hugo
      October 22, 2014

      Tony, if you are such expert in how to profit on Wall street and can make comparative analysis between earnings potential in Bitcoin and conventional finances, why do you write such idiotic comments? If you switch on your brain just for 1 minute you would see that real money made in technology sector and Bitcoin is actually a mix of hi-tech and finances….

      • October 22, 2014

        @ Hugo.

        Hello and good evening my people. First I never said that I am an expert on Bitcoin rather I congratulated Ms Foerster on her new job and her education. I also cautioned her on the Amercan Government position on Bitcoin based on what I read in the New York Times and the Wall Street Journal. Also Bitcoin isn’t a physical currency that you can hold rather its electronic credit that’s sent to your account and any business that’s willing to accept it as payment for their merchandise must sign a contract. To be quite honest I don’t think you know what Bitcion is.

      • hugo
        October 23, 2014


        To be quite honest, American Government position on Bitcoin can be described as hypocritical : they find all kind of risks and threats in it but IRS in its ruling recognized Bitcoin as asset and can tax it. CoinOutlet is doing interesting thing: they manage to profit on spread between Bitcoin and USD. Probably you familiar of concept of volatility which is risk but also upside potential for savvy traders, so exchanging Bitcoin on physical USD currency can be extremely good venture. I would even say genius venture.
        If they do it properly, at some point some large financial institution will acquire them and very same NYT and WSJ will write fancy articles about it.
        Regarding nature of money and your opinion of lack of tangibility of Bitcoin – obviously NYT and WSJ forgot to educate you on nature of modern banking and you never heard about something called fractional-reserve banking..otherwise you would know that banks actually hold less cash that customer deposit on it. Probably Tony you will be shocked: but the funds you see on your bank statement aren’t real…its not even funds but merely claim against bank’s asset to be honest…

    • Francisco Telemaque
      October 22, 2014

      There is a repetitive error in that last submission do to an malfunction error with my browser!


    • October 22, 2014

      The Americans have released clear guidelines for use of Bitcoin. They simply don’t have any problem with people using it. There are a growing number of Americans using it and building businesses around it. If what you say were even remotely true that wouldn’t be the case.

    • Ma Moses
      October 23, 2014

      Tony, not only U.S.A. but also Russia and China are against bitcoin. Why?

  19. ATF
    October 22, 2014



    I really wanted to provide some information on Bitcoin. I always want people to do their *own* research and conveniently, the internet is FULL of all kinds of reputable resources on any subject. Esp on Bitcoin. Look at the IRS, SEC, FINcen’s sites for guidance — that’s what I do.

  20. October 22, 2014

    Ah, I understand why she was defending Bitcoin a few weeks ago!

  21. Anonymous
    October 22, 2014


  22. Doc. Love
    October 22, 2014

    What better way to drag Dominica into this funny transaction, then to put a Dominican at the top. Maybe they were not satisfied with the reception which was given to OJ.

  23. Real Dominican
    October 22, 2014

    Congrats, You’ve made us proud.

  24. 1979
    October 22, 2014

    Congratulations Adella….

  25. hugo
    October 22, 2014

    Pity that such talented person works for US based company instead of managing financial services as Director of FSU and regulating activity of local financial institutes in Dominica and making Dominica attractive for foreign investments and business…

    • qstorm78
      October 22, 2014

      Provide the opportunity and the pay and they will come.

      • Anonymous
        October 22, 2014

        I support that comment 100%

    • Me Alone
      October 22, 2014

      There are also competent individuals within the ministries and the FSU by extension who can do a good job as Director of the FSU. Congrats Adella, Keep putting Dominica on the Map..

      • ATF
        October 26, 2014

        @ Me alone,

        I agree!!!

    • derp
      October 22, 2014

      hmm well idk seems in Dominica people afraid of change…

    • ATF
      October 26, 2014


      I plan to move back home soon but think about it? Who would give a 32 yr old that kind of job?

      In D/ca, we are always most comfortable doing things the old way — Elders have senority and the youth have nothing to offer but administrative work for the ones with senority.

  26. Mamizes
    October 22, 2014

    OHHHHHHHHH, now that making sense… lol… payback time.

  27. JoJo
    October 22, 2014

    Good luck with your funny money. I’m old fashioned and will stick with my dollar if you don’t mind.

    • derp
      October 22, 2014

      ok, well I hope you don’t use papal, or credit card, or debit card, and stick to purely paper money… cause paypal digital credit card/debit card digital etc….

  28. Wellington
    October 22, 2014

    Great, go girl!

  29. Kim
    October 22, 2014

    Congratulations Adella.

    But why then were you so adamant that your article, previously published on DNO, was not meant as an endorsement of Bitcoin?

    • ATF
      October 26, 2014


      I just re-read the article and I thought it was neither pushing not pulling but you are the reader so you have a better perspective.

      My aim 100% was to start a discussion — hopefully one that would have people look at a technology that has piqued the interest of some of the most intelligent people in the world.

  30. Kimberly
    October 22, 2014

    Congratulations Adella. Hard works pays of…. Wishing you all the best in your new job.

    • ATF
      October 26, 2014

      Thank you!

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