The Caribbean Tourism Organization is going to introduce cryptocurrency payments for tourism services and products offered in the region. In partnership with a local company, CTO wants to implement crypto-based merchant applications in the travel industry and other related sectors. Another goal is to further integrate the region’s economies through more cryptocurrency transactions.
Also read: Antigua and Barbuda to Set Up a Cryptocurrency Exchange
Embracing Cryptos to Deal With Issues and Restrictions
Trying to adequately address economic and financial issues, Caribbean governments and businesses are increasingly turning towards cryptocurrencies like bitcoin. The region has been experiencing sluggish growth and high debt rates for some time. In recent years, large U.S. banks have been withdrawing capital from the Caribbean markets. Their “de-risking” policies have created a deficit of banking services. Local banks and authorities have been accused of aiding money-laundering practices and are dealing with restricted access to foreign exchange reserves. All this has affected Caribbean economies, which are heavily dependent on tourism and international trade.
The Caribbean Tourism Organization has become the latest regional institution to embrace cryptocurrencies, local news outlets reported. CTO has reached an agreement with the Barbados-based blockchain company Bitt Inc. to facilitate “the implementation of more efficient payment processes for tourism products and services”, officials announced. A memorandum of understanding has been signed in order to help “foster broader economic participation in community-based tourism and related sectors” through the use of cryptocurrencies. The partners intend to implement “efficient and cost effective” digital payment products and services in the region’s most important industry.
“The Caribbean aims to fully examine the advantages offered by the new financial technology,” said CTO’s secretary general Hugh Riley, quoted by Caribbean News Digital. He believes blockchain services have
