At one stage in the recent past, the Caribbean was one of the top tourist destinations on the map. But over the past couple of years, the Caribbean has experienced some lack of growth and a decline in the tourism sector, with many US banks reigning back on their once-generous funding. All this on top of a few more Foreign Exchange scandals have put the Caribbean in a not-so-favorable position.
So the CTO, or the Caribbean Tourist Organization, has put their brains together and decided that they’ll start incorporating cryptocurrencies as an accepted payment method for many tourism-related goods and services. But it won’t just be a payment method. The CTO also hopes to make use of the popular Blockchain technology in the tourism industry too. The CTO has teamed up with Bitt Inc., a Blockchain company based in Barbados, to assist them with all the nitty-gritty details. A memorandum of understanding has already been signed, and it seems as if all the sufficient plans are in place for the Caribbean’s tourism industry to get a Cryptocurrency makeover.
Despite the drop in tourism in the Caribbean, tourism is still the number one contributor to the Caribbean’s economy, so it’s vital to take care of it and continue modernizing the tourism infrastructure to keep up with the rest of the world, who are moving in leaps and bounds. The hope is that eventually, the Caribbean could incorporate Cryptocurrency into other major industries after they’ve laid down all groundwork in the tourism sector.
Implementing and integrating crypto as a valid payment and transaction method will take a fair amount of work. But the rewards should definitely be worth the effort. The benefits that we foresee the Caribbean gaining from their new venture include:
• An influx of international crypto fanatics and those working within the Cryptocurrency industry to the Caribbean
• The use of Blockchain technology as a way to improve systems, activities, and objectives in the tourism sector
• An additional payment method for tourist-related items for tourists on holiday
• Tourists are likely to spend more when paying in Cryptocurrency
• An increase in foreign and decentralized currency that is currently lacking in the Caribbean
• Cryptos can assist in helping businesses in the Caribbean move away from US restrictions
• Use of Cryptocurrencies can help reduce foreign exchange costs
And it’s not just the Caribbean economy that Cryptocurrencies will advantage, it would be the tourists themselves too. With the new system in place, tourists can expect to save on the consumer costs, exchange rates, and exchange costs. It appears that Cryptocurrencies and travel go hand-in-hand, with many digital nomads opting to be paid in decentralized currencies. It really is a win-win situation.
The Caribbean’s interest in Cryptocurrencies extends past the tourism sector and into the island nation as a whole. Earlier this year, one of the Caribbean’s most prestigious banks made an announcement stating that they would be initiating their very own Cryptocurrency. The Caribbean appears to be very serious about their new direction, and we can’t wait to see what the future has in store for them.