The Barbados based Caribbean Tourism Organization (CTO), has entered into an agreement with blockchain technology company, Bitt Inc, aimed at facilitating the implementation of more efficient payment processes for tourism-related products and services.
The organizations signed a memorandum of understanding (MOU) on Friday at the CTO’s headquarters 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.
“The Caribbean aims to fully examine the advantages offered by new financial technology. In particular, blockchain financial services have the potential to advance the objectives of specific programmes and activities within the tourism sector, and the CTO has a responsibility on behalf of our members to fully explore those possibilities,” said CTO secretary general Hugh Riley.
He added that “Our memorandum of understanding with Bitt underscores the importance of collaborating with this forward-thinking, cutting edge, Caribbean company with whom we have a shared commitment to the economic success of our region”.
Both organizations anticipate that by leveraging digital currency, the Caribbean region could become a more integrated economy in terms of the ease of doing business for visitors who move through multiple regional destinations.
The arrangement is for an initial three-year period, but it can be extended by mutual agreement.