The regulatory authorities of the Caribbean Island have wonderful news for the residents. It has been revealed that the residents in certain parts of the Caribbean Island would have the option of using Bitcoin (BTC) for local transactions.
The areas that would have the service of using Bitcoin (BTC) for local transactions include the Grenadines and St. Vincent. These areas currently make up for 5,000 residents on the Caribbean Island. All residents within these areas now have the ability to pay for local transactions and services using Bitcoin (BTC).
One of the local news reporting firms, Euronews just released information around the expansion of the service. According to the report, the residents of Bequia will now be able to buy goods and pay for services using Bitcoin (BTC).
The products and services available to the citizens would include food, tools, property, and much more. The residents will be able to use Bitcoin (BTC) to pay for visits to the restaurants. Now the citizens in the particular islands would be able to gain more exposure to Bitcoin (BTC).
The report has confirmed that the residents of Bequia would not be the only ones using Bitcoin (BTC) for services. Even the visitors paying a visit to Bequia Island would have access to the same services.
Furthermore, an entrepreneur named Storm Gonsalves is also aiming to become one of the top proponents of Bitcoin (BTC) in the region. Gonsalves is the owner of the “One Bequia” project, who has revealed that customers would be able to purchase real estate on the island.
He added that the project would include huge buildings, houses, as well as luxury villas. The customers would be able to use their Bitcoin (BTC) and purchase these real estate properties.
Over the course of time, the Caribbean Islands have observed many traditional financial systems and services leaving their areas. These services have literally abandoned the Caribbean Islands and are leaving the region with no choice but to resort to cryptocurrencies.
It is a fact that the entire cryptocurrency industry is extremely volatile and Bitcoin (BTC) is even more volatile than any other digital asset. However, the country had no other choice but to find a way to circumvent the traditional financial ways.
Now that the particular region has access to Bitcoin (BTC), it will have the opportunity to expand. The region now has a platform, which it can use to excel and dig deeper into the cryptocurrency space.
The region will also have the opportunity to boost its economy and provide the citizens with more payment options. Once the region starts boosting its economy, more payment methods and traditional financial institutions will start coming to the region.