This small Caribbean island fully embraces Bitcoin in absence of banks |

This small Caribbean island fully embraces Bitcoin in absence of banks |

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The island of Dominica in the Caribbean, which is known as “The Nature Island of the Caribbean,” recently announced that it would officially adopt Bitcoin as its national currency. Not only that, but the government also plans to work with local banks and other businesses to bring more investors and businesses into the cryptocurrency space. In the future, residents of Dominica should be able to pay their taxes in Bitcoin, and also to receive pensions and other payments. Now that’s what you call embracing change!

In the Caribbean, there is a little island called Antigua and Barbuda that has helped show the world the power and potential behind cryptocurrency.  The central bank of the Caribbean has made it clear time and time again that they are not a fan of cryptocurrency, but they have no problem with it.  They do not claim to have the answers on what is going to happen with cryptocurrency, but they want to be leaders in the movement.  They are fully embracing cryptocurrency in the absence of banks, making it easier for their citizens to send and receive money without a middleman.

This small Caribbean island fully embraces Bitcoin in absence of banks |

Bequia, a small Caribbean island of just 18 square kilometers, is about to become the world’s first community to run entirely on bitcoin, Euronews reported earlier this week.

Developer One Bequia plans to build 39 luxury villas there in the near future, claiming to be the only Caribbean property to accept bitcoin. However, the move to cryptocurrencies for small island communities is more of a necessity than a vain curiosity.

The introduction of cryptocurrencies is anything but a gimmick, said Storm Gonsalves, project manager at One Bequia, adding: It is a response to the very real challenges faced by island communities who are increasingly alienated from traditional banking institutions.

A new real estate project on a small idyllic Caribbean island is helping to put it on the map.

Everything from your weekly groceries to the roof over your head can be paid for in bitcoins in this new community on Bequia Island https://t.co/3aTaNhXNjm.

– euronews (@euronews) April 26, 2021

He explained that small island states were often cut off from international payment networks by the derisking of large banks.

As a result, banks based on the island cannot conduct international transactions. If this trend continues, it means that small island states are effectively cut off from international trade. It would be a disaster for a tourism-based economy, Gonsalves said.

Become your own bank

To remedy this, developers want to create an ecosystem where everything from food to restaurants to movie tickets can be paid for with bitcoins. Since cryptocurrency transactions do not require intermediate banking services and depend only on internet connectivity, they have naturally become the preferred payment method for islanders.

This has led to many Caribbean island nations adopting blockchain and other cryptocurrencies much faster than other, more developed countries. Bermuda, the Bahamas, Barbados and now St. Vincent are taking the lead, Gonsalves said.

However, not everyone understands the benefits of cryptocurrencies and people are still skeptical, he added, but for many residents and visitors to Bequia, bitcoin is more than a financial instrument, it’s a philosophy.

Early crypto investors are not typical speculators, they strongly believe in the decentralization philosophy behind Bitcoin/Blockchain. They are not typical speculators, Gonsalves concluded.

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This small Caribbean island fully embraces Bitcoin in absence of banks |

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