Is Dominica going to be the first nation to use the digital currency Bitcoin on a large scale?
Several websites popped up on Thursday saying just that.
According to the sites, officials in Dominica have collaborated with several Bitcoin businesses and companies for what has been called the “Bit Drop” project.
“The Bit Drop project will send Bitcoin to every resident on Dominica, a Caribbean commonwealth island, via SMS texting,” an article on the website bitcoinmagazine.com, said. “With a population of over 70,000, this project will create the world’s largest and highest density Bitcoin community.”
The Bit Drop project is expected to take place in Dominica on March 15, 2015.
But what is Bitcoin anyway?
Bitcoin is a digital currency, which according to CNN Money was created in 2009 by an unknown person using the alias Satoshi Nakamoto.
“Transactions are made with no middle men – meaning, no banks! There are no transaction fees and no need to give your real name. More merchants are beginning to accept them: You can buy webhosting services, pizza or even manicures,” CNN Money said.
There has been some concerns about Bitcoin since it is largely unregulated and some governments around the world have expressed concerned about taxation and their lack of control over the currency, according to CNN Money.
Dominica was described as the “ideal location” for the Bitcoin project because of its small population and small gross domestic product (GDP).
“The island has opportunities for remittance due to many islanders moving for work to [other] islands, as well as the local medical university with students from around the globe. Dominica citizens also face currency exchange issues when traveling to nearby islands,” project manager, Sarah Blincoe, was quoted as saying.
Patrick Cines, director of mid-Atlantic relations at College Cryptocurrency Network, one of the organization taking part in the project was quoted as saying his group will also seek to foster a lasting home for Bitcoin in Dominica.
“We will be providing the educational materials and resources necessary to educate the people of Dominica about bitcoin, and hopefully, as a result, leave a lasting economic and social impact on the island,” he said.
One of the websites named Dr Kenneth Darroux, Minister of the Environment & Physical Planning, as one of the local contacts for the project.
DNO made several calls to Darrroux on Thursday, but his phone rang continously without answer.
One of the partners of the event, Aspen Assurance Company Ltd. describes former prime minister O.J. Seraphine as chairman of the board and director of public relation.
DNO will continue to follow this story and provide information as it becomes available.