Published on : Thursday, April 12, 2018
For all tourism services and products, the Caribbean Tourism Organization is all set to bring in cryptocurrency payments in the region. In joint venture with a local company, in the travel sector and others, the CTO is keen to execute crypto-based merchant applications. Another target is to additionally incorporate the region’s economies through more cryptocurrency transactions.
Trying hard to sufficiently handle economic and financial issues, Caribbean governments and businesses are more and more showing faith towards cryptocurrencies like bitcoin. Of late, the region has been going through slow growth and high debt rates for quite some time now. Large U.S. banks in recent years have been removing capital from the Caribbean markets. Their “de-risking” policies have created a shortfall of banking services. Local banks have been made responsible for helping money-laundering practices and handling restricted access to foreign exchange reserves. All this has exaggerated and impacted Caribbean economies, which are seriously dependent on tourism and international trade.
According to the reports of the local news outlets, the Caribbean Tourism Organization is the newest regional institution to clinch cryptocurrencies. The CTO has reached an agreement with the Barbados-based blockchain company Bitt Inc. to make easy “the implementation of more efficient payment processes for tourism products and services”, officials declared.