London Daily

Focus on the big picture.
Monday, Aug 25, 2025

Bitcoin Island: Welcome to the world's first crypto-enabled community

Bitcoin Island: Welcome to the world's first crypto-enabled community

Using cryptocurrencies to buy everything from villas to beers, the island of Bequia is set to become home to a fully Bitcoin-enabled community.

Just over 18 square kilometres in size, the paradise island of Bequia (pronounced ‘Bekway’) is off-grid when it comes to most visitors to the Caribbean, except for celebrities and the odd member of the British royal family.

But attention is set to be firmly focused on the second-largest island of the Grenadines archipelago as it becomes home to the world's first fully Bitcoin-enabled community.

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.

Bitcoin will also be accepted as payment for everyday essentials at the development's grocery store as well as at its restaurant, café, and cinema.

'Response to very real challenges'


According to the property developers, the acceptance of cryptocurrency as payment is increasingly more of a necessity than a ploy to attract people's attention.

"The adoption of cryptocurrency is far from a gimmick," explained Storm Gonsalves, the property mogul behind the One Bequia project.

An architect's impression of the One Bequia development.-One Bequia

"It’s a response to the very real challenges faced by island communities increasingly 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,” St. Vincent-born Gonsalves added.

"Derisking is when these large institutions remove their intermediary banking services from smaller island-based community 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".

It is for this reason in part that the Caribbean has been one of the biggest proponents of finding digital currencies, for instance, as a solution to the growing issue.

"This has pushed many Caribbean island nations to adopt blockchain and other cryptocurrencies a lot faster than other more developed nations. Bermuda, Bahamas, Barbados and now St. Vincent are leading the way in this regard," added Gonsalves.

In March, the Eastern Caribbean became the first digital currency union in the world with the launch of "DCash" across four island nations, St Lucia, Grenada, Antigua and Barbuda, and St. Kitts and Nevis.

'People are still sceptical'


Unlike cryptocurrencies like Bitcoin, which are decentralised and unregulated, the DCash will be backed by a central bank.

The ultimate hope is that it will allow people, particularly on remote islands, and even those without bank accounts, to be able to make secure payments.

While the rest of the Grenadines, including larger neighbour St Vincent, remains more traditional, Bequia - known as the "island in the clouds" - is gaining a reputation for forward-thinking and laid-back luxury.

With that in mind, the developers of the villas, which will be equipped with the latest smart technology, believe they are an attractive investment for people who already invest and speculate on cryptocurrencies.

"Not everyone understands the advantage of cryptocurrencies. People are still sceptical," said Gonsalves.

"Early crypto investors are not your typical speculators and they believe strongly in the philosophy of decentralisation behind Bitcoin/blockchain. They are not your typical speculator".

Newsletter

Related Articles

0:00
0:00
Close
Vietnam Evacuates Hundreds of Thousands as Typhoon Kajiki Strikes; China’s Sanya Shuts Down
UK Government Delays Decision on China’s Proposed London Embassy Amid Concerns Over Redacted Plans
A 150-Year Tradition to Be Abolished? Uproar Over the Popular Central Park Attraction
A new faith called Robotheism claims artificial intelligence isn’t just smart but actually God itself
Deputy Prime Minister Angela Rayner Purchases Third Property Amid Housing Tax Reforms Debate
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Italian Facebook Group Sharing Intimate Images Without Consent Shut Down Amid Police Investigation
Dutch Foreign Minister Resigns Amid Deadlock Over Israel Sanctions
Trump and Allies Send Messages of Support to Ukraine on Independence Day Amid Ongoing Conflict
China Reels as Telegram Chat Group Shares Hidden-Camera Footage of Women and Children
Sam Nicoresti becomes first transgender comedian to win Edinburgh Comedy Award
Builders uncover historic human remains in Lancashire house renovation
Australia Wants to Tax Your Empty Bedrooms
MotoGP Cameraman Narrowly Avoids Pedro Acosta Crash at Hungarian Grand Prix
FBI Investigates John Bolton Over Classified Documents in High-Profile Raids
Report reveals OpenAI pitched national ChatGPT Plus subscription to UK ministers
Labour set to freeze income tax thresholds in long-term 'stealth' tax raid
Coca‑Cola explores sale of Costa coffee chain
Trial hears dog walker was chased and fatally stabbed by trio
Restaurateur resigns from government hospitality council over tax criticism
Spanish City funfair shut after serious ride injury
Suspected arson at Ilford restaurant leaves three in critical condition
Tottenham beat Manchester City to go top of Premier League
Bank holiday heatwave to hit 30°C before remnants of Hurricane Erin arrive
UK to deploy immigration advisers to West Africa to block fake visas
Nurse who raped woman continued working for a year despite police alert
Drought forces closures of England’s canal routes, canceling boat holidays
Sweet tooth scents: food-inspired perfumes surge as weight-loss drugs suppress appetites
Experts warn Britain dangerously reliant on imported food
Family of Notting Hill Carnival murder victim call event unmanageable
Bunkers, Billions and Apocalypse: The Secret Compounds of Zuckerberg and the Tech Giants
Ukraine Declares De Facto War on Hungary and Slovakia with Terror Drone Strikes on Their Gas Lifeline
Animated K-pop Musical ‘KPop Demon Hunters’ Becomes Netflix’s Most-Watched Original Animated Film
New York Appeals Court Voids Nearly $500 Million Civil Fraud Penalty Against Trump While Upholding Fraud Liability
Elon Musk tweeted, “Europe is dying”
Far-Right Activist Convicted of Incitement Changes Gender and Demands: "Send Me to a Women’s Prison" | The Storm in Germany
Hungary Criticizes Ukraine: "Violating Our Sovereignty"
Will this be the first country to return to negative interest rates?
Child-free hotels spark controversy
North Korea is where this 95-year-old wants to die. South Korea won’t let him go. Is this our ally or a human rights enemy?
Hong Kong Launches Regulatory Regime and Trials for HKD-Backed Stablecoins
China rehearses September 3 Victory Day parade as imagery points to ‘loyal wingman’ FH-97 family presence
Trump Called Viktor Orbán: "Why Are You Using the Veto"
Horror in the Skies: Plane Engine Exploded, Passengers Sent Farewell Messages
MSNBC Rebrands as MS NOW Amid Comcast’s Cable Spin-Off
AI in Policing: Draft One Helps Speed Up Reports but Raises Legal and Ethical Concerns
Shame in Norway: Crown Princess’s Son Accused of Four Rapes
Apple Begins Simultaneous iPhone 17 Production in India and China
A Robot to Give Birth: The Chinese Announcement That Shakes the World
×