“Adoption of cryptocurrencies is far from a gimmick,” said one of the entrepreneurs behind a project developing property on the island.
Using Bitcoin as a payment tool
St. More than 5,000 residents of an island that forms part of the Vincent and the Grenadines can use crypto as a means of payment.
According to a report by Euronews, both residents and visitors of the island of Bequia can use Bitcoin (BTC) to pay for goods and services ranging from property to food at one of the local restaurants.
The One Bequia project, supported by entrepreneur Storm Gonsalves, is building luxury villas on the island for sale in BTC. Gonsalves said the move to adopt crypto is aimed at solving the problem of traditional financial systems leaving the Caribbean islands.
The island currently hosts a branch of the Bank of Saint Vincent and the Grenadines and also accepts East Caribbean dollars for fiat transactions. The Bahamas also issued their own central bank digital currency, the Sand Dollar.
While the entrepreneur claims that many people are “still skeptical” about crypto, the technology can provide an attractive investment for island residents. Some people already refer to Bequia as “Bitcoin Island” because residents are given the opportunity to use the crypto asset as an exchange tool.