Published on : Friday, April 6, 2018
The Hastings, Christ Church-based Bitt, which describes itself as the first to bring cryptocurrency exchange to the Caribbean, this morning signed a memorandum of understanding (MOU) with the Barbados headquartered Caribbean Tourism Organization (CTO).
It has aimed to facilitate the implementation of more efficient payment processes for tourism-related products and services.
CTO General Secretary Hugh Riley said the tourism development agency was keen on embracing new technology to help boost the sector and answer a number of questions, especially relating to tourism spend.
Riley said the new partnership would be advantageous to the tourism sector, explaining that it paved the way for safer and cheaper transactions.
Opting not to give details of potential projects, Bitt Chief Executive Officer Rawdon Adams said the agreement would pave the way for both organizations to work on a range of initiatives to improve the tourism offerings and visitor experience in Barbados and the rest of the region.
While the officials could not immediately say how soon the first initiative would be rolled out, they agreed that some level of education would be required for merchants and regional governments.
Pointing to a similar agreement signed recently between the blockchain technology company and the Eastern Caribbean Central Bank to engage in a pilot project to begin next year.