Australia Invests in Crypto Payment System To Boost Tourism

While often used as investment instruments and also for other purposes, cryptocurrencies are day by day getting into the core of what they were designed to do: sidestep financial institutions and decentralize the payment fact. And now it seems even governments are starting to see the benefit of these features, because the Australian government is backing up a crypto-payment system with an investment of more than 6 million dollars destined to make tourism better through the whole area, as reported by ZDNet.
Australia has been a very progressive country when it comes to cryptocurrencies, and this makes a clear statement that they consider crypto assets an important part of the travel and tourism ecosystem. The startup that was funded is named “TravelByBit“, and it focuses its efforts on opening Australia to Digital Currency Tourism, something that is proudly displayed as a motto on their web page.
Queensland is making all these investments under the banner of a new program called “Advance Queensland Initiative“, whose objective is to support the region of Queensland by spearheading startups and organizations that use new technologies as fundamental tools for their operation.
They offer a payment processing system that can be integrated into any platform to accept cryptocurrencies and bitcoin principally as a payment method. They focus mostly on tourism based merchants, but also offer this service to normal retailers. TravelByBit sees the opportunity of extending a true global currency payment system to avoid tourists having to cope with changing currencies when traveling from one country to the other.
That is why they are promoting cryptocurrencies as global tourism currency; it would save tourists the hassle of dealing with other currencies in Australia, and would let them pay for their travel tours effortlessly online. Also, it presents several benefits for merchants that make them very attractive such as chargeback protection, a common grief between merchants.

Related posts
crypto exchangecryptocurrencyCryptocurrency NewsIndiaNewsRBIReserve Bank of India

RBI reportedly urging banks to cut ties with crypto exchanges and traders

The lack of rules for cryptocurrency trade in India is giving birth to policy grey areas that different stakeholders are using to their benefit. As per a Reuters report on 13 May 2021, India’s central bank, the Reserve Bank of…
ADAUSDCardanocryptocurrencyCryptocurrency NewsdogecoinDOGEUSDNewsSolanasolusdUniswapUNIUSD

Why Uniswap, Cardano, Solana, and Dogecoin Could Become Best-Performing Cryptos Of 2021

The year has been a good one so far for altcoins. There’s no denying Bitcoin’s pedigree and influence on the market as it is still the biggest cryptocurrency by far in the crypto space. Having said that, there are a…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTCryptocurrency NewsNewsteslaxbtusd

How The ‘Elon Effect’ Has Affected The Bitcoin Market So Far

The ongoing market bloodbath in the Crypto-industry has left many wondering how some of the highest losers, which includes Bitcoin, will survive going forward. Usually, a bear market is perceived as a regular phase for digital currencies, but since Bitcoin…