Caribbean Tourism Organization embraces cryptocurrencies

Caribbean governments and regional public and private sector organisations are exploring the opportunities offered by cryptocurrencies such as Bitcoin, to support economic growth in the region. The Caribbean Tourism Organization (CTO) is the latest regional institution to embrace cryptocurrency, announcing a pact with blockchain technology company Bitt Inc. The agreement is designed to facilitate ‘the implementation of more efficient payment processes for tourism-related products and services,’ said CTO officials in a statement.

The group announced a memorandum of understanding under which Bitt’s digital wallet and merchant applications ‘will be promoted to help foster broader economic participation in community-based tourism and related sectors.’

‘The Caribbean aims to fully examine the advantages offered by new financial technology,” said Mr Hugh Riley (CTO Secretary-General). ‘In particular, blockchain financial services have the potential to advance the objectives of specific programs and activities within the tourism sector.’