Caribbean Countries to Allow Tourists Make Payments in Crypto
April 12, 2018
The Caribbean Tourism Organization (CTO) plans introducing digital currency payments for travel services in the region. The project is to be developed along with the Barbados Blockchain-startup Bitt Inc. The main objectives for the idea include enhanced integration of state economics with cryptocurrency industry.
“The Caribbean aims to fully examine the advantages offered by the new financial technology”, Hugh Riley, the secretary general of CTO, comments. “The CTO has a responsibility, on behalf of our members, to fully explore these possibilities”.
“Tourism is the largest single contributor to the Caribbean economy. It is absolutely critical to every single Caribbean nation’s well-being and development. We see this as a very natural and necessary association. We know how transformational our technology can be”, noted the head of Bitt’s Rawdon Adams.
Over the last years influence by the major banks of the US over the markets in insular states of the Caribbean sea has grown dramatically which caused local bank services shortcomings. Amid all this local government and regional banks have got accused of illegal embezzlement via money laundering. As a result economic situation in the Caribbean states has turned sour so local authorities began resorting to cryptocurrencies more often in attempt to handle financial problems.
Thus, representatives of the Eastern Caribbean Central Bank, comprised of the residents of eight insular states, announced developing their own cryptocurrency DXCD (Digital Eastern Caribbean Dollar), while the government of Antigua and Barbuda has recently declared it is to establish state cryptocurrency exchange.