Caribbean island to accept Bitcoin as form of payment

The 18-square-kilometer island of Bequia in the Grenadines archipelago of the Caribbean will soon become one of the most Bitcoin (BTC)-integrated communities in the world.

Reports from Euronews stated that the One Bequia Development, set to be home for 39 luxury villas, will be the first of its kind in the Americas to accept Bitcoin as payment for the properties.

In addition, the cryptocurrency will also be accepted as payment for everyday essentials that will be bought from the development’s grocery store, its restaurant, café and cinema.

The paradise island is considered off-grid when it comes to most visitors of the Caribbean and is only popular amongst celebrities and some members of the British Royal Family.

More of a necessity

While some people might find the decision to accept Bitcoin (BTC) as payment to gain people’s attention, property developers say that it is more of a necessity for the community and those that will stay there.

According to Euronews, property mogul Storm Gonsalves said that “the adoption of cryptocurrency is far from a gimmick. It is a response to the very real challenges faced by island communities increasingly cut-off from mainstream banking facilities.”

He noted that residents of small island nations find it increasingly difficult to send and receive money internationally because international banks remove their intermediary banking services from smaller island-based community banks.

Digital currency as a solution to the problem

Because of such issues, the Caribbean has turned to digital currencies to prop up its economy.

In fact, last March, because of the launch of DCash in four island nations, namely St Lucia, Grenada, Antigua and Barbuda, and St. Kitts and Nevis, the Eastern Caribbean became the first digital currency union in the world.

But unlike cryptocurrencies such as Bitcoin (BTC), which are decentralized and unregulated, the DCash is backed by a central bank.

 

Image courtesy of Cointelegraph News/YouTube

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