The founders of Bank B52 live and breathe banking: fiat currencies, cryptocurrencies, hybrid banking – you name it, they have views, and are the go-to sources for information. When it comes to collecting stories from around the banking world, Thomas Labenbacher is a veritable magpie, so as a regular posting, we’re going to share some of the tales which have caught his eye. Let’s start by going to some tropical islands…
The Caribbean Tourism Organization (CTO) is introducing cryptocurrency payments for tourism services and products offered in the region. One goal is to further integrate the region’s economies through more cryptocurrency transactions. Caribbean governments and businesses are increasingly turning towards cryptocurrencies like bitcoin. CTO has reached an agreement with the Barbados-based blockchain company Bitt Inc. to facilitate the implementation of more efficient payment processes for tourism products and services.
“The Caribbean aims to fully examine the advantages offered by the new financial technology,” said CTO’s secretary general Hugh Riley. He believes blockchain services have the potential to advance the objectives of specific programs and activities within the tourism sector.
Cryptocurrencies offer Caribbean nations the opportunity to increase availability of financial services. A large portion of the local population lacks basic access to the banking sector. According to a 2015 World Bank report, about 50% of Caribbean residents do not even have a bank account.
An excellent illustration of how the B52 concept of being ‘The Bank for Everyone’ – starting in Europe – will enable and empower people from every walk of life, opening banking to many who previously could not even contemplate such services. B52 enables every customer to pay in the currencies and assets offered by the merchant, and is frictionless and on the spot.
With the B52 account, customers can select with which asset they want to pay, or with a combination of fiat currency and cryptocurrencies. Their B52 account provides full purchasing power for the customer in the selected currency, at any time.
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