Caribbean residents will be able to conduct local transactions using Bitcoin.
There have been new advances in the cryptocurrency world. As Bitcoin strives for a new record, an entire island community is poised to move from a traditional financial system to using cryptocurrencies to pay for services.
Read in my article the latest news on why the people of Bequia Island chose cryptocurrency.
Bequia Island is so small that it is hardly visible on the map. Now more than 5,000 residents of the island, which is part of Saint Vincent and the Grenadines, can use cryptocurrency to pay for goods and services, from property to food in cafes, restaurants and local eateries. The government also plans to do wages pay outs in the equivalent of cryptocurrencies. The time frame has not yet been announced.
At the auction on April 14, bitcoin rose to $ 64.8 thousand. After this maximum, quotations fell to $ 63,000.
Back in September 2020, Bitcoin was worth just over $ 10,000. Then a sharp rise and smooth introduction of cryptocurrency began in the financial environment. For example, it was previously reported that major payment services Square and PayPal added the ability to buy cryptocurrencies to their applications. Tesla Elon Musk also invested in bitcoin.
Project «One Bequia»
The One Bequia project, supported by entrepreneur Storm Gonçalves, involves the construction of luxury villas on the island for sale for BTC. This is how many are already calling Bequia the “Bitcoin Island” as residents can use the cryptocurrency asset as a medium of exchange.
What problems will Bitcoin solve?
Gonsalves said the decision to use the cryptocurrency was made due to numerous problems with the traditional financial systems of the Caribbean Islands.
The island community faced a problem being cut off from the main banking and financial institutions. Large banks, in fact, do not even consider small island states as participants in international financial relations due to the policy of “risk mitigation”. It implies the abandonment of small local banks on the islands, which does not allow them to carry out cross-border payments in the future. But for places like Bequia and other tourism-based states, this could be a real disaster.
“The unfriendly policy of banks forced the authorities of Bermuda, Barbados, St. Vincent and other island states to adopt blockchain and cryptocurrency faster than developed countries.”
While Storm Gonsalves claims that many people are “still skeptical” about cryptocurrency, this technology could be a solution for the islanders.
Development company Storm Gonsalves Estates has announced that it intends to build 39 luxury villas on the island, positioning the project as “the only one accepting bitcoins in the Caribbean.”
Calvin Air is building a five-star hotel in the Caribbean (Antigua). The project cost is $ 100 million. According to the investor, the construction is financed from the profit he earned by increasing the value of bitcoin.
Modern Bequia is a place with great potential to attract cryptocurrency nomads and tourists. Bitcoin is accepted almost everywhere – in nightclubs, cinemas and shops. Alternatively, guests of the Caribbean can use DCash, a government cryptocurrency that has become widespread in the region.
What are your thoughts on the widespread adoption of bitcoin in the Caribbean? Share your opinion in the comments. I would be happy to answer any questions or submit your project to my team at Astorts Group for evaluation. If this article was useful to you, share it with your friends.
Alessandro Rocco Pietrocola is an entrepreneur and investor based in London and operating mainly in Europe, Asia and Oceania with main focus on UK, Baltic Countries, Russia, China, Hong Kong, Malaysia, Singapore, Middle East and New Zealand as area of interest! At the moment is the CEO of Astorts Group. He is an UK FCA (Financial Conduct Authority) Approved Person and is has great experience as director of regulated companies. He uses to dedicate part of his life to inspire others and help them achieve the most out of their life. Since he was 20, he had successfully founded and managed several companies operating in the field of management consulting, wealth management and fintech. He loves travelling, he is a cigars lover, an amateur golfer and a dapper man.