The more than 5,000 residents of an island that forms a part of St. Vincent and the Grenadines can use crypto as a means of payment.
According to a report from Euronews, both residents and visitors to the island of Bequia can use Bitcoin (BTC) to pay for goods and services ranging from property to food at one of the local eateries. The One Bequia project, backed by entrepreneur Storm Gonsalves, is building luxury villas on the island for sale in BTC. Gonsalves said the move to accept crypto was aimed at solving the issue of traditional financial systems abandoning Caribbean islands.
“The adoption of cryptocurrencies is far from being a gimmick,” said Gonsalves. “It’s a response to the very real challenges faced by island communities increasingly cut-off from mainstream banking facilities.”
“Residents of small island nations are finding it increasingly difficult to send and receive money internationally because of ‘derisking’ by large international banks. Derisking is when these large institutions