Saint Vincent and the Grenadines is an island country in America, located north of Venezuela and Granada Island, belonging to the Lesser Antilles of the Caribbean Sea; its capital is Kingstown, located on Saint Vincent Island. Bequia Island belongs to Saint Vincent and the Grenadines; it is the second-largest island in that archipelago, with an area of 18 km2 and an estimated population of about 5,000 inhabitants.

First island to adopt Bitcoin for the payment of all services

Bequia Island becomes the first Caribbean island to accept Bitcoin for payments for all its services. This innovative project has been called One Bequia; luxurious villas will be built and equipped with the latest technology. They will accept Bitcoin for the payment of properties, and they will also accept it for the payment of other products and services. In this way, this island becomes the first place in the world in which all financial transactions can be done with Bitcoin, from items in small shops, cinemas, restaurants, and commerce in general.

Bequia and the tourism sector

Bequia is now known as “Bitcoin Island,” a breakthrough for the tourism industry globally. This project, One Bequia, responds to the need to implement new forms of payment adapted to technology to promote tourism, without underestimating the difficulties involved in sending and receiving international payments to other islands; in this way, The island acquires the status of a “financially inclusive tourist destination,” by allowing the use of cryptocurrencies (Bitcoin) in most of its operations.

Response to a need

Representatives of the One Bequia project explain that the acceptance of Bitcoin as a means of payment in addition to the tourist impulse also obeys more to a need than to a strategy that captures people’s attention; one Bequia is a response to the challenges that communities have of the island, which are increasingly isolated from banking services. For island residents, it is increasingly difficult to send and receive international money due to the limited number of services and lack of effectiveness of large international banks.

The main problem in the area is that the large international banks eliminate their intermediary services for the small banks on the island, preventing them from carrying out international transactions, which brings many problems in an area where national territories are quite limited; If this situation continues, the island nations could be isolated, especially in international trade, which would be counterproductive for their economy, hence the importance of adopting cryptocurrencies as a solution to this problem.

Trend in the area

Faced with this problem, other Caribbean island nations have also adopted blockchain technology and cryptocurrencies faster than other more developed nations; we have the cases of Bermuda, Barbados, the Bahamas, and now Saint Vincent, all these places are currently leading the way in this regard.

What do you think about this topic? Do you think other countries should follow the example of Bequia Island and accept cryptocurrencies as a means of payment?

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Image by Huys Photography via under Creative Commons license.

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