A virtual currency project slated to take place in Dominica next month has been cancelled.

The project, Let The Bit Drop, was expected to take place on the island on March 14, 2015.

It was expected to introduce the digital currency, Bitcoin, and distribute it to Dominicans on a large scale, organizers had said.

But all that is history now.

“It is with deep regret that we announce the cancellation of the Let The Bit Drop project,” Freya Stevens, Marketing Specialist at Coinapult, one of the leading organizers of the event, told DNO via email.

She explained that the event was scrapped because “of the recent reversal of country-specific logistical decisions.”

She stated the passion for the project still exists and “we hope that we will be able to re-instate this pioneering project in the future.”

“We have taken every effort to ensure all participants, attendees, and organizers have been notified accordingly, and we have also initiated the refund process for all our amazing supporters who made donations for the event,” Stevens stated.

She noted that the event was conceived to allow the implementation of Bitcoin and allow “participation and engagement from all levels of the community – from individual consumers to small businesses and government entities.”

“The event was designed to demonstrate the ability of Bitcoin to bring financial tools and services to the under-banked, as well as provide an economic boost to a single country,” Steven stated.

CEO of Coinapult, Ira Miller, told website, CoinDesk that negotiations for the event broke down when its hosts in Dominica did not provide promised support.

“This is particularly sad, as a number of alternative Caribbean venues were available, had we known Dominica would not follow through,” he said.

Project manager Sarah Blincoe suggested that the Dominica government never met certain project deliverables, such as issuing a press release for the event. Further, she indicated an election cycle on the island nation complicated matters, according to CoinDesk.

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 web hosting services, pizza or even manicures,” CNN Money said.

Since it was announced, the event had sparked controversy in Dominica. Many were concerned over the unregulated nature of Bitcoin. Others wondered why the government was silent over the entire matter although organizers of the event had named Dr. Kenneth Darroux, as the main local contact.

After the announcement of the event was made public, DNO made numerous attempts to interview Darroux and on one occasion he only said he would comment “at an appropriate time.”