Caribbean Tourism Organization to Accept Payments in Cryptocurrency
The cryptocurrency adoption in tourism industry has been coming as a good news for most, specially for the people traveling overseas on frequent basis. After Kaliningrad, one of the cities hosting the FIFA match, is officially accepting cryptocurrency payments for hotel rooms, the Caribbean Nations don’t look far from jumping on the cryptocurrency bandwagon when it comes to promoting tourism.
Cryptocurrencies can be used in both international and regional trade and will help reduce foreign exchange costs.
In fact now, Caribbean Tourism Organization has become one of the regional institutions to welcome cryptocurrencies, 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.
As believed, Caribbean governments and businesses are increasingly turning towards cryptocurrencies like bitcoin to offset Financial and economic crisis within the nations. The nations have been experiencing sluggish growth and high debt rates since some years.
- To make it worse, large U.S. banks have been withdrawing capital from the Caribbean markets.
- 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.
With this news, the banking sectoring the Caribbean Nations may see a boom. Cryptocurrencies offer Caribbean nations the opportunity to increase availability of financial services owing to the fact that 50% of Caribbean residents do not even have a bank account.
Hopefully, with Caribbean Tourism Organization welcoming cryptocurrencies with opening arms to save its economy, this can be a good example for other struggling nations trying to revive their economy.
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