Fuh! This Island Allows All Transactions To Be Done Using Bitcoin! - Kakiforex | Forex markets for the smart money. Fuh! This Island Allows All Transactions To Be Done Using Bitcoin! Fuh! This Island Allows All Transactions To Be Done Using Bitcoin!

May 1, 2021

Fuh! This Island Allows All Transactions To Be Done Using Bitcoin!

 Bequia which is a small island in the Caribbean islands measuring only 18 square kilometers made a drastic step by becoming the first community to use Bitcoin as a transaction tool.


In the near future, development company One Bequia plans to build 39 luxury villas here, referred to as “the only property in the Caribbean that accepts Bitcoin”.



According to Storm Gonsalves, head of the One Bequia project, the adoption of Bitcoin is not a gimmick but it is to help the community on the island of Bequia who are increasingly disconnected from banking facilities.


He explained that small islands often find themselves increasingly isolated from international networks. This step is likely that large banks want to avoid risk. Thus Gonsalves argues that if this trend continues, this means that the small islands will essentially be cut off from international trade and commerce. For a tourism -based economy, this is very impactful.


Therefore, to prevent such incidents from happening, the ecosystem where all transactions can be paid with Bitcoin has to be created because crypto transactions do not require banking services and depend entirely on an Internet connection.