Published on : Saturday, April 7, 2018
The Caribbean Tourism Organization (CTO), the region’s tourism development agency, has signed a deal with blockchain technology company, Bitt Inc., for facilitating the implementation of more efficient payment processes for tourism-related products and services.
The two organizations signed a memorandum of understanding (MOU) at the CTO’s headquarters in Barbados, under which Bitt’s digital wallet and merchant applications will be promoted for encouraging broader economic participation in community-based tourism and related sectors.
Hugh Riley, the Secretary General of CTO said, “The Caribbean aims to fully examine the advantages offered by new financial technology. In particular, blockchain financial services have the potential to advance the objectives of specific programmes and activities within the tourism sector, and the CTO has a responsibility on behalf of our members to fully explore those possibilities. Our memorandum of understanding with Bitt underscores the importance of collaborating with this forward-thinking, cutting edge, Caribbean company with whom we have a shared commitment to the economic success of our region.”
Both organisations expect that by leveraging digital currency, the Caribbean region could become a more integrated economy for ease of doing business for visitors who move through multiple regional destinations.
This agreement is for an initial three-year period, but it can be extended by mutual agreement.
The Barbados-based Bitt Inc. is a financial technology company that makes use of distributed ledger technology to offer efficient, cost-effective digital payment products and services through its Bitt Suite.