Photo Credit: Thought Catalog
World's First Cryptocurrency Community Being Built In The Caribbean
Housing developer Storm Gonsalves is creating the world’s first Bitcoin community in St. Vincent and the Grenadines, according to Yahoo. The world’s first cryptocurrency community will be located on the island of Bequia, the country’s second largest island.
Residents will pay for services and everyday goods such as groceries in Bitcoin. They will also use the cryptocurrency to purchase their properties on the island. However, as it will be weighted against the American dollar, residents will also be able to use dollars if they wish.
Currently in the works are 39 luxury villas, a clubhouse, numerous shops, and other buildings. The properties range in price from from £670,000 to £1.6m. They can be paid for with cryptocurrency equivalents where prices are locked in to avoid prices fluctuating during transactions.
“Right now we’re pioneering an alternative form of financing,” said Gonsalves. “We’re also pioneering a new way of marketing. There are over $1 trillion in the market cap of Bitcoin alone, and many of these purchasers first bought it when Bitcoin was only $1,000.”
“So there is a lot of wealth in the cryptomarket that cannot be ignored anymore— it’s just too large. It has really hit the mainstream, so I think what we’re doing is going to become run-of-the-mill in a few years from now.”
Gonsalves believes cryptocurrencies could be the answer for island communities, including many in the Caribbean, being able to be cut off from mainstream banking facilities.
“Residents of small island nations are finding it increasingly difficult to send and receive money internationally because of derisking by large international banks,” he said.
Derisking refers to the removal of intermediary banking services from smaller local banks.
“This prevents the island-based banks from transacting internationally. If this trend continues, it means small island nations will be essentially cut off from international trade and commerce. For tourism-based economies, this will be devastating.”
Because of this, Caribbean countries are adopting blockchain and cryptocurrencies faster than anywhere else. Grenada, St. Lucia, Antigua and Barbuda, and St. Kitts and Nevis have already launched DCash. Backed by a central bank, DCash is the world’s first digital currency union.
Gonsalves believes that although some people are still skeptical of cryptocurrencies, his cryptocurrency community will attract many who understand the advantage and are already investing in cryptocurrencies.