Tourism is an essential part of any nation where due to increase in tourism the economy of the nation will increase. The Caribbean Nation is also known for its Tourism especially the beautiful seacoasts. Caribbean Nations will soon use cryptocurrency payments for tourism.
According to Bitcoin.com, the Caribbean government and other industries are moving towards the use of cryptocurrencies like bitcoin. The Caribbean Tourism Organisation is the one which proposed the cryptocurrency to the tourism services and for merchandises offered in the region. Cryptocurrency will be added as a mode of payment in the merchant applications in the travel industry.
Cryptocurrency will save the Caribbean from restrictions.
Before the Caribbean nations had been undergoing slow growth and high debt rates from the US banks. The US banks are also withdrawing funds from the Caribbean markets. The local banks and authorities have been accused of money laundering and that’s the reason they are restrained to foreign exchange resources.
The Caribbean Tourism Organisation has become the newest regional organization to welcome cryptocurrency in their nation. Barbados-based blockchain company Bitt Inc is the one which has reached an agreement with the CTO to implement the cryptocurrency payment in the tourism sector.
“The Caribbean aims to fully examine the advantages offered by the new financial technology,” said CTO’s secretary general Hugh Riley
According to World Bank report 2015, Nearly 50% of Caribbean people don’t have a bank account. In the Caribbean nation, the people have less access to financial services. Cryptocurrency solves the problem and with it, everyone will be able to access the financial services.
The Caribbean nation is going towards next steps by accepting Cryptocurrency. Also, the government of Antigua and Barbuda made a decision to build a cryptocurrency exchange. This exchange will generate revenue for the nation by adding a fee to cryptocurrency trades. The Eastern Caribbean Central Bank (ECCB) said that they would issue new cryptocurrency called the Digital Eastern Caribbean Dollar (DXCD). As we can see that 8 governments and economies are after the bank and the cryptocurrency project.
What do you think of this cryptocurrency payment being used in the Caribbean nations? let us know in the comment section.
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