The Caribbean Tourism Organization (CTO) is set to initiate cryptocurrency payments for tourism services and products that are being offered in the region.
The endeavor is being done in collaboration with a local firm as the CTO wants to enforce crypto-based merchant applications in the travel space and other related sectors. Another aim is to continue to integrate the region’s economies through more cryptocurrency transactions.
Trying to sufficiently tackle economic and financial issues, Caribbean governments and businesses are turning more and more towards cryptocurrencies such as bitcoin.
The region has been experiencing sluggish growth and high debt rates for some time now. In recent years, large banks from the United States have been withdrawing capital from the Caribbean markets. Their “de-risking” procedures have generated a deficit of banking services. Local banks and authorities have been charged with helping money-laundering practices and are dealing with limited access to foreign exchange reserves. All this has affected the economies of Caribbean nations, which are heavily dependent on tourism and international trade.
The Caribbean Tourism Organization has become the most recent regional institution to accept cryptocurrencies. CTO has come to an agreement with the Barbados-based blockchain company Bitt Inc. to oversee “the implementation of more efficient payment processes for tourism products and services” officials recently announced.
A memorandum of understanding has been inked in order to help “foster broader economic participation in community-based tourism and related sectors” through the use of cryptocurrencies. The partners seek to make use “efficient and cost effective” digital payment products and services in the region’s most crucial industry.
“The Caribbean aims to fully examine the advantages offered by the new financial technology,” CTO’s secretary general Hugh Riley, was quoted as saying in a report.
He believes blockchain services have the possibility of furthering the objectives of specific programs and activities within the tourism sector.
“The CTO has a responsibility, on behalf of our members, to fully explore these possibilities,” Riley noted.
“Tourism is the largest single contributor to the Caribbean economy. It is absolutely critical to every single Caribbean nation’s well-being and development. We see this as a very natural and necessary association,” said Bitt’s CEO Rawdon Adams. “We know how transformational our technology can be,” he added.
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