Beran Island Resort, which is at the heart of the Marshall Islands, recently announced it is ready to accept BTC in settlements.
Crypto Adoption in the RMI
The resort is advertising one of their packages dubbed ‘a trip to the middle of nowhere,’ where 15 friends can rent out the island to do exciting activities like fishing, surfing, and scuba diving, all for 1 BTC. According to the escape’s stakeholders, the move will target the tech-oriented younger generation.
The Beran Island Resort, the highly acclaimed getaway, introduced BTC payment following the law that Marshall Island financial authorities passed in 2018.
The Sovereign Currency Act enactment could enable citizens of the island to reduce the reliance on USD as a currency. The Republic of Marshall Islands (RMI) decided it was in the region’s best interest to create a crypto legal tender. The Act initiated the creation of the region’s cryptocurrency named SOV.
Nonetheless, the International Monetary Fund warned the RMI against the SOV crypto launch, citing regulation inadequacy reasons. Additionally, the IMF stated that the Initial Coin Offering would be low, contrary to the region’s financial office expectations.
BTC as a Form of Payment
The private island resort is one of several institutions to accept payment in BTC, following PrivateFly and Microsoft’s footsteps. Many people are concerned about making an eco-friendly choice of hiring a luxury eco- spa or resort, questioning how to get the best out of eco-spa. The resort now makes it all look effortless and is always coming up with new solutions to old problems, including current technologies like the use of BTC.
The demand for digital currency settlement services has increased the number of hotels accepting crypto payments. Places like the Beran Resort have opened the door to a brand new world for the savvy entrepreneur who sees crypto as the future.
Luxurious recreational places such as the Dolder Grand Hotel, located in Zurich, started accepting BTC payments three years ago. Similarly, the Canadian Sandman Hotel Group uses the Coinbase exchange to facilitate cryptocurrency transactions.
Bitcoin No Longer an ‘Alternative’?
The financial world is slowly incorporating the use of BTC as a reliable asset that can pay for day-to-day services. One can travel, eat, sleep and even live while paying for all the activities using the world’s most famous crypto. However, not many institutions are open to accepting dues in bitcoin.
MasterCard recently revealed it is open to incorporating private and country-backed stablecoins but not decentralized non-asset backed coins like BTC. Whether we are on the road to a fully decentralized financial system or exclusively utilizing stablecoins, BTC will indeed be involved.