Why Bali Should Become A Bitcoin Island

If Bitcoin became the preferred currency of Bali, locals might avoid chronic inflation and travelers may not have to carry cash.

Never travel with cash again—that's the goal of BitIslands, a Bitcoin initiative focused on the island of Bali.

The new project, created in conjunction with Bitcoin Indonesia and Coin Of Sale, a Bitcoin point-of-sale system, has embarked on a campaign to install Bitcoin as the preferred currency of the the wildly popular tourist destination.

The founders of the project say BitIslands will help travelers avoid predatory exchange rates, and afford them the security not available with carrying cash.

In a bitcointalk.org forum post, the team from BitIslands said that the main priority for the project is to convert local merchants to accept the digital currency. In addition to opening a storefront on a main strip on the island, they also hope to establish Bitcoin ATMs, allowing travelers to withdraw cash at a fair and transparent exchange rate.

Tomas Forgac, founder of Coin Of Sale, told TechInAsia that the project provides more than just convenience for travelers.

"It’s also a mission to help Indonesians cope with chronic inflation by getting currency which cannot be manipulated into circulation," he said.

Will it work? It has yet to be faced with regulatory hurdles, but the team is confident that won't be a problem. Meanwhile, a local kite-surfing business has signed up as BitIsland's first merchant—and first Bitcoin merchant in the country of Indonesia.

[Image: Flickr user David Goehring]

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