Hong Kong News

Nonpartisan, Noncommercial, unconstrained.
Friday, Mar 29, 2024

Bitcoin Island: Welcome to the world's first crypto-enabled community

Bitcoin Island: Welcome to the world's first crypto-enabled community

Using cryptocurrencies to buy everything from villas to beers, the island of Bequia is set to become home to a fully Bitcoin-enabled community.

Just over 18 square kilometres in size, the paradise island of Bequia (pronounced ‘Bekway’) is off-grid when it comes to most visitors to the Caribbean, except for celebrities and the odd member of the British royal family.

But attention is set to be firmly focused on the second-largest island of the Grenadines archipelago as it becomes home to the world's first fully Bitcoin-enabled community.

The One Bequia development, where 39 luxury villas are set to be built, will be the first of its kind in the Caribbean to accept Bitcoin as payment for the properties.

Bitcoin will also be accepted as payment for everyday essentials at the development's grocery store as well as at its restaurant, café, and cinema.

'Response to very real challenges'


According to the property developers, the acceptance of cryptocurrency as payment is increasingly more of a necessity than a ploy to attract people's attention.

"The adoption of cryptocurrency is far from a gimmick," explained Storm Gonsalves, the property mogul behind the One Bequia project.

An architect's impression of the One Bequia development.-One Bequia

"It’s a response to the very real challenges faced by island communities increasingly cut-off from mainstream banking facilities.

"Residents of small island nations are finding it increasingly difficult to send and receive money internationally because of 'derisking' by large international banks,” St. Vincent-born Gonsalves added.

"Derisking is when these large institutions remove their intermediary banking services from smaller island-based community banks.

"This prevents the island-based banks from transacting internationally. If this trend continues it means small island nations will be essentially cut off from international trade and commerce. For tourism-based economies, this will be devastating".

It is for this reason in part that the Caribbean has been one of the biggest proponents of finding digital currencies, for instance, as a solution to the growing issue.

"This has pushed many Caribbean island nations to adopt blockchain and other cryptocurrencies a lot faster than other more developed nations. Bermuda, Bahamas, Barbados and now St. Vincent are leading the way in this regard," added Gonsalves.

In March, the Eastern Caribbean became the first digital currency union in the world with the launch of "DCash" across four island nations, St Lucia, Grenada, Antigua and Barbuda, and St. Kitts and Nevis.

'People are still sceptical'


Unlike cryptocurrencies like Bitcoin, which are decentralised and unregulated, the DCash will be backed by a central bank.

The ultimate hope is that it will allow people, particularly on remote islands, and even those without bank accounts, to be able to make secure payments.

While the rest of the Grenadines, including larger neighbour St Vincent, remains more traditional, Bequia - known as the "island in the clouds" - is gaining a reputation for forward-thinking and laid-back luxury.

With that in mind, the developers of the villas, which will be equipped with the latest smart technology, believe they are an attractive investment for people who already invest and speculate on cryptocurrencies.

"Not everyone understands the advantage of cryptocurrencies. People are still sceptical," said Gonsalves.

"Early crypto investors are not your typical speculators and they believe strongly in the philosophy of decentralisation behind Bitcoin/blockchain. They are not your typical speculator".

Newsletter

Related Articles

Hong Kong News
0:00
0:00
Close
It's always the people with the dirty hands pointing their fingers
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Steve Jobs' Son Launches Venture Capital Firm With $200 Million For Cancer Treatments
Google reshuffles Assistant unit, lays off some staffers, to 'supercharge' products with A.I.
End of Viagra? FDA approved a gel against erectile dysfunction
UK sanctions Russians judges over dual British national Kara-Murza's trial
US restricts visa-free travel for Hungarian passport holders because of security concerns
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Political leader from South Africa, Julius Malema, led violent racist chants at a massive rally on Saturday
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
'I am not your servant': IndiGo crew member, passenger get into row over airline meal
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Spanish Citizenship Granted to Iranian chess player who removed hijab
US Senate Republican Mitch McConnell freezes up, leaves press conference
Speaker McCarthy says the United States House of Representatives is getting ready to impeach Joe Biden.
San Francisco car crash
This camera man is a genius
3D ad in front of Burj Khalifa
Next level gaming
BMW driver…
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.
×