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Member of St. Maarten’s Parliament Plans to Have His Entire Salary Paid in Bitcoin Cash

19/03/2022 by Idelto Editor

Member of St. Maarten’s Parliament Plans to Have His Entire Salary Paid in Bitcoin Cash

On Saturday, the leader of the United People’s Party and member of St. Maarten’s Parliament, Rolando Brison, announced that he’s become the first elected official to request his entire salary paid in bitcoin cash. Brison believes St. Maarten can be the “Crypto Capital of the Caribbean,” as long as his country continues to embrace blockchain technology and cryptocurrency solutions.

MP Wants St. Maarten to Become the ‘Crypto Capital of the Caribbean’

While El Salvador is known for its bitcoin tender law, the Caribbean has become a hotbed for cryptocurrency adoption and more specifically with bitcoin cash (BCH). Data from map.bitcoin.com shows there are currently hundreds of merchants in the Caribbean accepting BCH for goods and services. On March 19, a member of St. Maarten’s Parliament and the leader of the United People’s Party (UP Party St. Maarten), Rolando Brison, announced that he is receiving his entire salary in bitcoin cash (BCH).

The government official believes that St. Maarten should continue its path toward delving “into the ever-growing cryptocurrency phenomenon.” Brison insisted during his announcement that he has requested St. Maarten’s finance minister Ardwell Irion to update him on plans for using blockchain technology in government. “I believe St. Maarten has a chance to be the ‘Crypto Capital of the Caribbean’ if we continue to innovate and embrace cryptocurrency and all the benefits of blockchain technology,” Brison explained in a statement on Saturday.

Brison Is ‘Exploring Legislation in Order to Make Bitcoin Cash Legal Tender in St. Maarten’

On Twitter, the St. Maarten elected official told his followers that he was the first member of the government to get his entire salary in crypto asset payments. “Today I become to first elected official in the world to have his entire salary paid in bitcoin cash, as our country moves more and more to making use of cryptocurrency and blockchain,” Brison tweeted. “Thanks [Roger Ver] for the guidance in making St Maarten the Crypto Capital of the Caribbean,” the St. Maarten UP Party leader added.

During the announcement, Brison noted that during a conference last year, St. Maarten’s finance minister said that crypto and blockchain adoption was a priority area to research. Brison remarked that he appreciated the finance minister’s ideas of moving toward innovation. The UP Party leader said that the next important step was to introduce cryptocurrency and blockchain legislation.

“While we need to improve our legacy forms of commercial banking by means of my proposed consumer banking legislation, we simultaneously need create legislation to make cryptocurrency transactions even more effective and worthwhile in St. Maarten,” Brison explained. The member of St. Maarten’s Parliament added that he has started to explore legislation to make bitcoin cash (BCH) legal tender in the country. Furthermore, Brison aims to get BCH and non-fungible token (NFT) transactions exempt from St. Maarten’s capital gains tax.

“The concept of ‘Money’ has been experiencing and will continue to experience a wave of innovation,” the St. Maarten elected official added. “This innovation comes as we as a country and as Parliamentarians are faced with more questions on how to adapt our local currency and (E)commerce for a digital world. Fortunately, the answer lies right in front of us – Bitcoin Cash.”

What do you think about the St. Maarten UP Party leader and Parliament member Rolando Brison getting his entire salary paid in bitcoin cash? Let us know what you think about this subject in the comments section below.

Filed Under: Ardwell Irion, BCH, Bitcoin Cash, bitcoin cash BCH, Blockchain, capital gains tax, Caribbean, crypto asset payments, crypto legislation, Digital Currencies, digital world, elected official, English, Finance Minister, Legislation, MP, News, News Bitcoin, Parliament Bitcoin Cash, Rolando Brison, St. Maarten, United People’s Party, UP Party

Cuban President Discusses Adopting Cryptocurrencies for the ‘Convenience’ of the National Economy

14/05/2021 by Idelto Editor

Cuban President Talks About Possibly Adopting Cryptocurrencies at the 'Convenience' of National Economy

Cuba has been actively discussing the possibility of adopting cryptocurrencies over the last few months during high-political summits. This time, the president of the Caribbean island discussed crypto assets once again during a virtual currencies topic on the summit agenda, talking about the possibility to consider it for future economic plans.

Discussions Underway Despite Domestic Crypto-Related Scams

According to Periodico Cubano, Miguel Díaz-Canel told regional governors and politicians during a virtual summit about a possible upcoming crypto adoption phase for “the convenience” of the national economy.

He wants to assess the feasibility of implementing such decentralized technologies and their impact on the country. Interestingly, Díaz-Canel is an electronic engineer.

Although he declined to provide further insights on the matter, the Cuban president promised to inform citizens of the latest developments about his virtual currencies’ assessment.

However, during the meeting, Díaz-Canel further talked about an alleged crypto-related Ponzi scheme, even though he declined to name the shady company. The president also commented on the dangers that digital asset scams bring to the Cubans:

In recent times, there have been monetary operations executed by transnational companies that with the use of cryptocurrencies develop speculative schemes and seek to maximize profits through procedures that could be the cause of fraud.

For example, a Trust Investing representative in Cuba, Ruslan Concepción, was arrested by the Cuban authorities on illicit economic activities charges and remains under custody awaiting a trial, said EFE via Deutsche Welle. There is no major information on the origins of the bogus company, as most of its operations targeted Cubans.

Cuban State Political Party and Cryptos

Overall, the state political party, the Communist Party of Cuba (PCC), has been flirting with the crypto industry, but with no close approach yet.

As Bitcoin.com News reported in April 2020, some members of the PCC suggested that the country should make its inception into the virtual currency sphere as “an alternative to face the current economic crisis” that the island is living.

What are your thoughts on the Cuban president’s words? Let us know in the comments section below.

Filed Under: Caribbean, crypto scam, Cuba, cuba cryptocurrency, Cuba Embargo, cuba government, Cuban’s plan, Cubans, English, Latin America, News Bitcoin, Regulation

Inside The Caribbean Villas Using Bitcoin To Advance Financial Freedom

11/05/2021 by Idelto Editor

The One Bequia development is bringing Bitcoin to the Caribbean, a place that is grossly underserved by international financial institutions.

The Caribbean is a region that underscores the global inequality of access to the international financial system.

It’s a place full of unique natural resources, hard-working people and destinations sought by tourists from around the world. But its economies have been thoroughly and devastatingly “de-risked” by major global banks, a process that has seen these banks place restrictions on Caribbean businesses over anti-money laundering (AML) or other regulatory concerns. This makes it exceptionally difficult for Caribbean businesses to participate in the legacy financial system, particularly for making cross-border fund transfers.

“Banks pulling out of the region include the Bank of America, Scotiabank, Royal Bank of Canada, and CIBC,” the Center for Strategic & International Studies reported on the de-risking of the Caribbean that followed the 2008 financial crisis. “Banks from the Netherlands, Germany, and the United Kingdom also restricted their [corresponding banking relationships] business with Caribbean jurisdictions.”

Of course, Bitcoin can provide a lifeline for individuals or businesses that find themselves cut off from financial institutions. Bitcoin is supported by individual nodes running its software and transactions are approved and verified by a network of international miners that are motivated predominately by fees, and not required to adhere to any set of regulations.

It gives those in the Caribbean the chance to capitalize on the value they offer the rest of the world without the restrictive difficulties imposed by international banks — an opportunity being demonstrated clearly by Storm Gonsalves, who grew up in Saint Vincent and is now constructing the Bitcoin-forward vacation development One Bequia.

Why One Bequia Is Embracing Bitcoin

“Banking in the Caribbean is over regulated and technologically outdated,” Gonsalves explained to Bitcoin Magazine. “Online banking, if available, is very basic. To send wires can sometimes take weeks. Opening accounts takes a similar amount of time. On top of all that, international rules are coming down hard on regional banks, while ignoring some of these same rules in their home countries. This is all very harmful to the business atmosphere in the region.”

Gonsalves’s development, which offers two- to five-bedroom villas for sale on the picturesque island of Bequia, proposes to bring the Caribbean economy into the future by enabling bitcoin payments for the properties, as well as for daily expenses in the community. Customers can reserve their villa lot with a deposit of $10,000 or the bitcoin equivalent, before completing a land holding license application and a construction contract and, within 12 months, they can move into their newly-built villa. Once there, they will be able to use bitcoin and other major cryptocurrencies to pay for goods and services like meals at the clubhouse, groceries or their monthly maintenance fees.

www.onebequia.com

Gonsalves expects One Bequia to utilize a Financial Crimes Enforcement Network (FinCEN) approved processor to accept BTC payments, and will convert most of the bitcoin he receives into fiat. Once expenses are covered, he will determine what to do with any excess cryptocurrency.

“Aside from all of its practical benefits of ease of transfer, traceability and its non-inflationary aspects, the fact that our acceptance of bitcoin and its technology puts us at the forefront of a global innovation is exciting, to say the least,” Gonsalves said. “It’s a game changer.”

How A Move To Bitcoin Will Help Caribbean Residents

Gonsalves hopes One Bequia eventually becomes a home for the current and future pioneers of the Bitcoin movement, showing the world what is possible through a Bitcoin standard. But he also hopes that it will also help residents of the Caribbean open their minds to the power of blockchain technology and financial tools that circumvent the restrictions placed on them in the meantime.

“Living in small island economies leaves you highly susceptible to natural disasters and global economic shocks,” he said. “At least a portion of income should be held in one of these currencies because we at least need reserves to carry us through turbulent times in the future. Additionally, islanders are very mobile people with a large diaspora. I think cryptocurrencies and blockchain-backed financial services can make sending money back home to friends and family much easier.”

In addition to the hedge that bitcoin can provide to Caribbean people, Gonsalves sees distinct advantages in its ability to preserve privacy.

“I am a strong believer in privacy and any privacy we lose should be compensated with a significant improvement in time, service, security and the ease of doing business,” he said. “The situation we are in now is quite the opposite.”

Ultimately, he’s looking for a system that would give Caribbean residents the same opportunity to transact internationally that those favored by major global banks have.

“I think KYC and AML rules are extremely important but should not hinder already fragile economies such as small island tourism/agricultural-based economies that are susceptible to natural disasters as well as global economic shocks,” explained Gonsalves. “We just need an even playing field. Sending a wire should be the same in the Caribbean as it is in developed countries.”

Gonsalves sees potential in blockchain technology at large, altcoins and even the “DCash” central bank digital currency launched recently by the Eastern Caribbean Central Bank — anything that offers an alternative to the institutions that have de-risked the region. One Bequia will soon be a place that hosts wealthy vacationers who enjoy financial freedom far beyond that of the typical Caribbean resident. But Gonsalves’ goal is to make it a place where the potential for Bitcoin to help these residents is realized.

“I think of One Bequia as more than just a real estate development,” he said. “I see it as a meeting of minds. This development will put in close proximity some of the greatest thinkers and doers in the world. Hopefully, the success of this project can show the world the potential of Bitcoin.” 

Filed Under: AML, Bitcoin Magazine, Caribbean, culture, English, island, One Bequia

This Caribbean Island Will Soon Be A Bitcoin-Enabled Paradise

29/04/2021 by Idelto Editor

A development on the Caribbean’s Bequia island will take bitcoin as payment for villas and services to circumvent international banks.

Bequia, an 18-square-kilometer island in the Caribbean’s Grenadines archipelago, is poised to become one of the most Bitcoin-integrated communities in the world.

“The One Bequia development, where 39 luxury villas are set to be built, will be the first of its kind in the Caribbean to accept bitcoin as payment for the properties,” according to a recent report from Euronews. “Bitcoin will also be accepted as payment for everyday essentials at the development’s grocery store as well as its restaurant, café and cinema.”

It may seem that Bitcoin-enabled transactions throughout the development are merely tourist attractions — more of a Bubba Gump-style activation than a community taking charge of its financial wellbeing, as in El Salvador’s Bitcoin Beach. But the property developers behind One Bequia stress that Bitcoin is a very necessary alternative to legacy financial services, or lack thereof.

“Residents of small island nations are finding it increasingly difficult to send and receive money internationally because of ‘derisking’ by large international banks,” Storm Gonsalves, the development’s manager and a native of the Caribbean, told Euronews. “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.”

Residents and governments in the Caribbean have adopted cryptocurrencies as a solution to these problems in the past, but most of this adoption has centered around altcoins or centrally-managed digital currencies. But the vision for One Bequia appears to be more focused on the decentralized conviction of Bitcoiners.

“Not everyone understands the advantage of cryptocurrencies. People are still skeptical,” Gonsalves said. “Early crypto investors are not your typical speculators and they believe strongly in the philosophy of decentralization behind Bitcoin/blockchain. They are not your typical speculator.”

Filed Under: Bitcoin Magazine, Caribbean, culture, English, Payments

Caribbean Crypto Hotbed: More Than 40 Businesses Accept Bitcoin Cash in Antigua

03/12/2020 by Idelto Editor

Caribbean Crypto Hotbed: More Than 40 Businesses Accept Bitcoin Cash in Antigua

Cryptocurrencies have been getting quite popular in the Caribbean region and in Antigua and Barbuda, the island has seen significant growth. Crypto adoption has been on the rise in the island country and just recently, a regional news report detailed that more than 40 major businesses are accepting bitcoin cash for goods and services.

During the last few years, a myriad of Caribbean-based island nations are getting into digital currencies. Many Caribbean regions such as Nevis & St Kitts, Bermuda, Barbados, the Cayman Islands, and Antigua and Barbuda have become hotspots for blockchain innovation and crypto merchant acceptance.

Two years ago, Antigua’s Minister of Information Technology, Melford Nicholas said “Antigua and Barbuda is determined to be on the cutting edge of the new system of creating wealth.” Moreover, this past spring crypto regulations passed in Antigua’s lower Parliament called the “Digital Assets Business Act 2020,” which applies money laws to custodial providers and crypto exchanges.

On December 2, 2020, a local report from the web portal antiguanewsroom.com explained that cryptocurrency adoption is “making its way across the island of Antigua, bit by bit.” The report notes that over 40 major businesses in Antigua are accepting bitcoin cash (BCH) today.

The article explains that accepting digital currencies has become more prominent throughout the island during the Covid-19 pandemic. “Businesses and individuals who have opted into using [bitcoin cash] BCH have experienced the benefits of instant money transfer with low fees,” the author of the report wrote.

Moreover, the editorial also explains that people can find all the bitcoin cash (BCH) accepting merchants by visiting map.bitcoin.com. At the time of publication, data from map.bitcoin.com shows that there’s a total of 45 bitcoin cash (BCH) accepting businesses on the island country.

Bitcoin.com’s founder Roger Ver has been instrumental toward spreading adoption throughout the region and hopes Antiguans learn more about the economic benefits a peer-to-peer electronic cash system provides.

Companies included on the Antigua merchant acceptance list includes businesses like Sheer Rocks Restaurant, Fort Medieval, The Cool Pool, Creole Antigua Tours, Relocate Antigua, Steph & Vlada’s Studio, Akropolis Greek Restaurant, Gents World, 2M Heavy Enterprises, M & M Service Station, Midtown Car Rental, Thirty Six 5 Beach Bar, The Tailor’s Daughter, Learning Ladder Child Care Centre, North Coast Hardware, and more.

Antigua also has a local Telegram channel called “Antigua Bitcoin Cash and Crypto Trading” where locals can discuss trades and merchant acceptance.

Additionally, bitcoin cash supporters in Antigua have monthly meetups every third Thursday at Hemingways Caribbean Cafe & Restaurant on St. Mary’s Street. Hemingways also accepts BCH for drinks, lunch, and dinner services.

Further, there’s a web portal called payantigua.com that offers educational information for accepting BCH, an introduction to crypto automated teller machines (ATM), information about the Bitcoin Cash Register App, and how to shop with bitcoin cash and save up to 50% on Amazon by leveraging Purse.io.

What do you think about Antigua and Barbuda having more than 40 bitcoin cash accepting businesses? Let us know what you think in the comments section below.

The post Caribbean Crypto Hotbed: More Than 40 Businesses Accept Bitcoin Cash in Antigua appeared first on Bitcoin News.

Filed Under: 2M Heavy Enterprises, Akropolis Greek Restaurant, Antigua and Barbuda, BCH, Bitcoin Cash, Businesses, Caribbean, Caribbean island nations, Creole Antigua Tours, Crypto Acceptance, Crypto Adoption, English, Gents World, Hemingways, Map.Bitcoin.com., Merchants, News, News Bitcoin, North Coast Hardware, Relocate Antigua, Roger Ver, The Tailor's Daughter, Thirty Six 5 Beach Bar

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