This island in the Caribbean Sea wants to switch completely to bitcoin

Bequia is a small island in the Caribbean Sea and is only 18 square kilometers in size. Euronews writes that this island is poised to become the world’s first fully Bitcoin community.

Necessity, not a marketing ploy

In the near future, real estate company One Bequia plans to build 39 luxury villas here. They tout themselves as “the only real estate development in the Caribbean to accept Bitcoin.” However, cryptocurrency adoption seems to be driven by necessity rather than idle curiosity or a marketing gimmick.

“Cryptocurrency adoption is far from a gimmick,” said Storm Gonsalves, head of the One Bequia project. “It is a response to the very real challenges facing island communities that are increasingly cut off from mainstream banking facilities.” Portugese crypto is popular.

Banks ignore islands for derisking

He explains that small island states are often cut off from international payment networks as a result of “derisking” by large banks.

“This prevents the island banks from doing international business. If this trend continues, it means that small island nations will essentially be cut off from international trade and commerce. This will be devastating for tourism-based economies. ”

Everything on bitcoin

To prevent them from being completely cut off from the global economy, the island is taking matters into its own hands. The developers want to create an ecosystem where everything from groceries and restaurants to movie tickets can be paid for with bitcoin.

The reason is the freedom that bitcoin offers. A transaction does not need a third party such as a bank, an internet connection is enough. In this way, bitcoin will of course become the payment method of choice for islanders and tourists.

“This has prompted many Caribbean island nations to adopt blockchain and other cryptocurrencies much faster than other more developed countries. Bermuda, Bahamas, Barbados and now St. Vincent are at the forefront of this. ” Italy crypto website is popular.

Bitcoin is a philosophy

However, not everyone understands the benefits of cryptocurrency and people are still skeptical, he added, but for many residents and visitors of Bequia, Bitcoin is more than just a financial tool, it is a philosophy.

“Early crypto investors are not typical speculators and they strongly believe in the philosophy of decentralization behind Bitcoin / blockchain,” Gonsalves concluded.

Bequia is the largest island in the Grenadines, in the Caribbean Sea. The capital of Bequia is Port Elizabeth and the official language is English.