The Tourism sector in the Caribbean countries is encouraging payments in Cryptocurrency for related services and products offered in the region.
The Caribbean Tourism Organization (CTO), the region's tourism development agency, it is in deal with blockchain technology company, Bitt Inc., to facilitate more efficient payment processes for tourism-related products and services.
They signed a three-year memorandum of understanding (MOU), 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.
Rawdon Adams, Bitt's chief executive officer, said tourism is the largest single contributor to the Caribbean economy, and the introduction of payments in crypto currency is critical to the growth of every Caribbean nation's tourism sector.
The debt-ridden Caribbean economy is currently experiencing sluggish growth. Major U.S. banks have been withdrawing capital from the Caribbean markets.
The introduction of digital currency payments is expected to ease the economic recession in the region, which is heavily dependent on tourism and international trade. Tourism, with around 25 million visitors, contributes billions towards the area's GDP annually. It is often described as "the most tourism-dependent region in the world".
For comments and feedback contact: editorial@rttnews.com
Economic News
What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.
May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.