Last week Minding your Business looked at the recent Budget and Financial Proposals, and while highlighting some of the positives for the social sector, also referred to the lack of initiatives for business facilitation. One of these areas was cryptocurrencies. Given the recent discussion around the Trump administration’s support for this digital asset, it begs the question why nothing was mentioned about this in the Budget.
The fact is Bitcoin has been given a new lease on life. One of the many executive orders (EO) signed by the new president was an EO to create a Strategic Bitcoin Reserve and a US Digital Asset Stockpile putting the United States at the forefront of government digital asset strategy.
According to the whitehouse.gov, the Reserve recognises Bitcoin as a reserve asset and will be funded with Bitcoin seized through criminal or civil asset forfeiture actions by the Department of the Treasury. It also gives other federal agencies the opportunity to assess their authority to transfer any Bitcoin they hold to the Strategic Bitcoin Reserve. Bitcoin put in this reserve will not be sold but will be kept as a store of reserve assets. Authority is given to the Secretaries of the Treasury and Commerce to devise strategies for acquiring additional Bitcoin as long as these methods do not impose additional costs on American taxpayers.
Bitcoin, having never been hacked, is often dubbed ‘digital gold’ and valued for its scarcity and strong security. The fixed supply of 21 million coins means that establishing a Strategic Bitcoin Reserve early, offers a significant strategic advantage.
In recent years, some Caribbean countries have gained attention as key players in the global cryptocurrency landscape. For example, The Bahamas has implemented the Digital Assets and Registered Exchanges Act, which provides a comprehensive framework for cryptocurrency regulation.
Antigua and Barbuda has also emerged as a leader in digital innovation. Through its Citizenship by Investment (CBI) Programme, the country now accepts digital assets, including cryptocurrency wallets, as legitimate sources of funds for citizenship. Popular cryptocurrencies such as Bitcoin, Ethereum, and others are among the major digital currencies accepted. Global Citizens Solutions reports that investors can choose from 33 approved real estate projects under the CBI programme, with cryptocurrency available as a payment option. The country introduced the Digital Assets Business Act in May 2021 and integrated it into its CBI programme.
The success of digital regulation depends on the extent to which regional governments will close the infrastructure gaps. Without the necessary technological and institutional support, laws with good intentions may struggle to be effectively enforced. Proper regulation must strike a balance—protecting consumers and preventing fraud while allowing innovation to thrive.
Another challenge for the Caribbean opined by IFC is the difficulty for Caribbean crypto firms to access banking services, limiting innovation and growth. The region must work to build trust with financial institutions and create collaborative forums to address concerns and find solutions that allow cryptocurrency businesses to thrive without jeopardising financial relationships.
A business case can be made for the use of cryptocurrencies, evidence in research done by cointelegraph.com, which suggest:
Accepting cryptocurrency payments lowers transaction fees, eliminates chargebacks, and facilitates smooth global transactions.
Companies across various sectors, including e-commerce and real estate, are incorporating cryptocurrency payments to attract a broader customer base.
Challenges like price volatility and regulatory concerns can be mitigated by reliable payment processors such as BitPay, CoinsPaid, and Coinbase Commerce.
Setting up cryptocurrency payments is simple, with no initial costs and easy-to-integrate solutions for small businesses.
The widespread adoption of cryptocurrencies has prompted businesses of all sizes to recognise digital currencies, like Bitcoin, as a legitimate payment option.
A key feature of cryptocurrencies is the ability to enable individuals to transfer funds across borders without the limitations imposed by financial regulators or institutions. Over 659 million people, or 1 in 13 globally, use cryptocurrency in 2025. Additionally, around 15 000 businesses worldwide, including 2 300 in the US, accept Bitcoin. A key reason many larger companies are ‘jumping on board’ is the reduction in transaction fees. While traditional payment processors and credit card companies typically charge businesses between 2 per cent and 4 per cent per transaction, cryptocurrency payment gateways often bring this down to under one per cent. For businesses handling a high volume of transactions, this can lead to significant savings.
Another advantage is the ability to reach a global audience without the limitations of currency exchange rates and international banking fees. Cryptocurrency payments allow businesses to make seamless cross-border transactions, making it easier to serve international customers. This is especially beneficial for sectors like travel, luxury goods, and digital services where global commerce is the norm.
Security and fraud protection offered also contribute to the growing appeal of crypto payments. Since cryptocurrency transactions are irreversible, businesses no longer have to worry about chargebacks, an issue that costs companies billions each year due to fraudulent disputes. This makes cryptocurrency particularly attractive to merchants in industries where chargebacks are prevalent, such as e-commerce and online services.
Consumers should however conduct the necessary due diligence before investing in cryptocurrencies as they are highly volatile and come with significant risks. Due to the distributed nature of these digital currencies, investors lack the protection or recourse that traditional financial systems offer.
Any discussions between the Caribbean Community and the Trump administration should therefore consider negotiating support from the US regime for CARICOM to build out its infrastructure to operate in the digital assets space.
The Caribbean stands at a pivotal moment, with the potential to become a significant player in digital asset regulation. Now is the time to leverage the relationship with one its oldest trading partners in an area that is still very much untapped with significant potential for innovation and growth.
The Small Business Association of Barbados (www.sba.bb) is the non-profit representative body for micro, small and medium enterprises (MSMEs).
