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CARIBBEAN a CRYPTO HUB - Understand why BITCOIN CASH may succeed BIG in ST KITTS
For many, the Bitcoin Cash Conference in St Kitts and Nevis and the announcements & developments achieved there may be new to them but, the entire Caribbean region has been embracing blockchain technology and alternative payments to the Caribbean dollar for years.
The Caribbean is a wonderful region, with plenty of charm for those who visit it with countless tourist attractions but also with an appetite for innovation in the crypto field and home to cryptocurrency-related ventures.
A clear example of this is the launch of the first centralized digital currency, the CBDC dominated, the BAHAMIAN SAND DOLLAR, that is a version of the Bahamian Fiat Dollar issued by the Central Bank using blockchain technology.
Many countries in the region have governments that encourage entrepreneurs to develop projects related to Blockchain, which provides great opportunities for those who decide to venture into this field. Furthermore, many exchanges have found a favorable home in the Caribbean (eg the collapsed FTX in the Bahamas).
In ST KITTS and Nevis for example, the government encourages CITIZENSHIP BY INVESTMENT in which, in partnership with Real State project developers, they provide foreigners with a second citizenship. And not only that, the government has the ambition to make Bitcoin Cash a circular currency in the economy by promoting its as LEGAL TENDER in March 2023.
The Caribbean is gradually establishing itself as a future major player in the blockchain field, which leads investors and economic policy makers to bet big on the region.
As I mentioned above, the Caribbean is the region where the first CBDC currency was launched, in the Bahamas, and also facilitates payments in cryptocurrencies such as Bitcoin Cash for products and services in the regions of ST KITTS and Nevis, Antigua, Barbados and others.
The Caribbean tourism organization (CTO) has signed an agreement with Bitt inc, a Barbados-based Blockchain business that develops services and products for the tourism industry where payments can be made using cryptocurrencies, making currencies such as Bitcoin Cash a means of viable payment for tourism in the region.
Last year, 2021, the Caribbean region made the announcement that legitimized the launch of DCASH , the Caribbean digital dollar, which came into commercial use in March. The currency is a national currency and has the central bank (ECCB) as legislator making the currency the first pegged stablecoin with Fiat extolling the use of blockchain technology.
Due to its composure, the Caribbean attracts investments in crypto technology, one example being CITIZENSHIP BY INVESTMENT in ST Kitts, which provides for the acquisition of condominiums using Bitcoin Cash. This movement also ensures that there is regulation inherent to the subject.
In Bermuda, Taxes from crypto investment are not collected by the government.
The government tirelessly promotes blockchain technology by encouraging its use in institutions and provided services where Tax can be incurred using some stablecoins based on the decentralized network.
The Cayman Islands, known as the world's tax haven, have subsidized rates for Bitcoin. It does not charge taxes on corporate deals or on earnings acquired by residents who trade using cryptocurrencies.
Despite the region having an insatiable appetite for modern and more attractive means of payment, the Caribbean has a structure created to deal with COMPLIANCE called CRCA , CARIBBEAN REGIONAL COMPLIANCE ASSOCIATION CONFERENCE.
CRCA's mission is to explore legal mechanisms to combat anti-money laundering, anti bribery and corruption and other compliances.
In short, the Caribbean is a fantastic region for large-scale Bitcoin Cash adoption. It is a zone that allows projects to develop the economy in Peer to peer cryptocurrencies.
Governments are supportive for the crypto industry on payments for products and services. Exchanges like Huobi Global intend to relocate in the Caribbean as they find a super crypto friendly region to expand their business.
In ST KITTS and Nevis & Sint Maarten there are more and more businesses related to Bitcoin Cash, they accept the currency as a means of payment or serve to make real estate investments. Hotels, convenience stores, gas stations, taxis and more businesses accept the currency which led the government to plan make the currency a LEGAL TENDER.
The conditions to make Bitcoin Cash a viable means of payment in the Caribbean may just be starting in St Kitts or even St Maarten but gradually it could reach other regions of the Caribbean as the territory allows it and is crypto friendly.
The Bitcoin Cash conference was a clear demonstration of the power that the currency has and that it may conquer even other territories in the interior of the Caribbean that can also be adopted as a means of payment or viable investment for undertakings and create job opportunities using an economy Circular.