This Small Caribbean Island Is Fully Enabling Bitcoin Adoption

  • The One Bequia project will construct a community that will fully enable bitcoin payments.
  • Bequia is a Caribbean island belonging to the St. Vincent and the Grenadines.

Bequia, a small island in the Caribbean archipelago of the St. Vincent and the Grenadines, has recently caught the attention of the crypto space, for a good reason. According to various news, it will become the world’s very first fully Bitcoin-enabled community.

Specifically, the One Bequia project is developing a community that fully enables bitcoin payments for all purchases and services. The development will construct 39 luxury villas which can be bought through bitcoins. It will also establish a grocery store, restaurant, cinema, cafe, and more, all fully accepting bitcoin as payment.

Storm Gonsalves, a real estate pundit associated with the project, said that this move is a way for them to adapt to banking challenges.

Gonsalves explained,

The adoption of cryptocurrency is far from a gimmick. It’s a response to the very real challenges faced by island communities increasingly cut off from mainstream banking facilities.

Specifically, people who live in small island nations struggle in terms of sending and receiving money overseas. According to Gonsalves, this is due to the derisking of major banks, which is when these institutions stop their third-party banking services from local banks. Hence, the need for other payment methods such as cryptocurrencies.

Bequia is one of the country’s most famous destinations for some of the wealthiest and most popular people in the world. However, the island does not cater to regular tourists for various reasons.

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