Small Caribbean Island Now Accepts Bitcoins
It is unlikely that at least some of you have heard of Bequia because it is a miniature island with an area of 18 square kilometers in the Grenadines archipelago. But the other day he became the hero of news headlines, announcing the acceptance of bitcoins as a means of payment!
Development company Storm Gonsalves Estates has announced that it intends to build 39 luxury villas on the island, positioning the project as "the only Bitcoin-accepting in the Caribbean". However, in the first place, the introduction of the main cryptocurrency as payment can be a salvation for the locals and their businesses, rather than a profitable PR for the developer.
This is due to the fact that the island community faced a real 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 their 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 trend could be a disaster.
Caribbean real estate tycoon Storm Gonsalves said that integrating cryptocurrency payments into the tourism sector would be one of the best solutions to avoid critical issues with international banks.
Islanders and tourists will be able to use bitcoins not only to buy real estate but also to buy basic necessities, groceries, movie tickets, and pay restaurant bills. There are also plans to introduce the possibility of wages in the equivalent of cryptocurrencies. But when all this will be implemented is still unknown.