It is no secret that an increasing number of firms, businesses and institutions of varying fields and socio-economic conventions have recently begun to adopt cryptocurrencies into their respective every day business-related activities, payment options and transactions. Even governments have started to work alongside various cryptocurrencies and are utilizing blockchain technology in an effort to improve the living standards of their countries. This was proven by Cardano’s recent partnership with the Ethiopian government and VeChain helping out in the fight against Covid-19 in Cyprus.
In the latest development, a relatively small island by the name of Bequia (which is only 18km in size) based within the Caribbean region is preparing to transform itself into the world’s very first community to be completely BTC-enabled.
Bitcoin adoption is a necessity for Bequia
To provide some context, various international banks may often conduct a process that is known as ‘derisking’. Derisking essentially means that any given financial institution may close the accounts of those clients, which it deems to be high-risk in terms of terrorist financing or money laundering schemes. A side-effect of derisking, however, is that smaller communities, such as the island of Bequia, usually become cut off and isolated from the main financial systems and face a potential small-scale economic crisis. This is where Bitcoin comes in, as the world’s largest cryptocurrency by market capitalization has the potential to solve this issue.
In related news, One Bequia (a development company) has plans to construct nearly 40 luxury villas on the island and has claimed that it is the sole real estate and development company in the entire Caribbean that accepts Bitcoin. But for Bequia, adopting Bitcoin is not necessarily a luxury as much as it has become a necessity. The leader of the One Bequia project, Storm Gonsalves, stated that adopting Bitcoin is a real-time response to the island being cut off from the primary banking and financial services institutions.
Bequia plans to use Bitcoin for everything
As the island has become increasingly financially isolated, the solution is to allow the citizens to be able to pay for all goods, products and services in Bitcoin. This will include everyday items such as groceries, cinema tickets, and more. The reason for making this decision is because cryptocurrencies like Bitcoin do not rely on the involvement of intermediary banking services.
Furthermore, Bequia is not the only one that is choosing to go in this direction, as others such as the Bahamas, Bermuda, St. Vincent and Barbados have all becoming increasingly involved with adopting blockchain into their respective societies. Of course, not everyone is going to be on board immediately, according to Gonsalves. He added that it is understandable that many would remain hesitant to put their faith in something that they are unfamiliar with, but he also stated that for Bequia citizens specifically, Bitcoin serves as more of a philosophy than just a simple financial instrument.