- Chub Cay is an island located in the Bahamas and is currently looking for a Bitcoin Lightning Network wallet provider to partner with.
- Chub Cay Resort and Marina conducted an internal survey showing that more than 50% of its employees want at least a portion of their paychecks in bitcoin.
- The lack of banks and financial education in the region makes the use of traditional banking systems inefficient and, at times, impossible.
Chub Cay — an island nestled in the Berry Islands district of the Bahamas — is a private island looking to adopt a bitcoin standard, and they need a strong Lightning Network wallet service provider to fill the infrastructural gaps, according to one. recent interview with Bitcoin Magazine.
The adoption of a bitcoin standard on the island will be driven by Chub Cay Resorts and Marina, the island’s largest employer which is wholly owned by energy tycoon George Bishop – who also owns the island. In a recent internal survey, the station revealed that more than 50% of its staff wanted to receive at least a portion of their paychecks in bitcoins.
Station employees, including locals, have noted a desire to access bitcoin due to the extreme difficulties of operating at a fiat standard. A high percentage of islanders are unbanked and lack financial literacy, which is compounded when considering the lack of access to traditional banking institutions for many Bahamian islanders.
In fact, many islands don’t even have a bank, which requires a lot of time, effort and resources, as well as a $7 remittance fee each time someone wants to send money to him to help his loved ones. For those who are unbanked or uninformed who fully consider money services, the process can become nearly impossible.
Additionally, the Bahamian government has adopted stringent regulatory practices that prevent sending money overseas. entirely. A emergency order government has limited money transfer services to domestic transactions only due to COVID-19.
“We have asked for incoming transfers to be compensated as we would like to help the community as a whole. There are a number of people here who receive funds from overseas,” said Julian Rolle, managing director of Cash N Go – a company that petitioned government to provide these services.
“There may also be other residents and tourists here who cannot leave and we would like them to be able to raise funds if their relatives send them to them,” Rolle continued.
At a later date, money services were added to a list of exemptions allowing them to operate even if the order was still active. However, the government’s restrictive behaviors at the time created a level of doubt among both Chub Cay residents and station employees. So a math was done and many islanders decided that the bitcoin standard was not only doable, but might be necessary.
“The idea is to create a circular bitcoin economy on Chub Cay, in hopes that it will serve as a model for the rest of the Bahamas,” the resort’s consultant told Bitcoin Magazine.
Chub Cay Resort and Marina has already started accepting discounts for pay reservations in bitcoin, as well as adding QR codes to menus to pay with bitcoin, and even plans to roll out bitcoin ATMs in the region. Other businesses on the island have also started accepting bitcoin.
While the Bahamian government struggle to capture innovation bitcoin provides a financially inclusive economy, can Chub Cay pave the way for a bitcoin standard in the Bahamas?