Proponents of cryptocurrencies envision a future wherein people can use their cryptocurrencies in order to buy products. It is no secret that mass adoption plays a crucial role in the survival of cryptocurrencies. Despite news of crypto clampdown in South Korea and China, Australia is a breath of fresh air for crypto believers.
Brisbane Airport will soon become the first airport terminal to accept digital currencies. The airport is currently working with both local and international companies in order to make the entire airport cryptocurrency friendly. They are working to include coffee shops, stores, restaurants, and other establishments that can accept top digital currencies today including Bitcoin, Ether, and Dash.
First of Its Kind
This move will make Brisbane Airport the first every cryptocurrency airport terminal in the world. And according to their General Manager of Strategic Planning and Development, Roel Hellemons, it does make a lot of sense. According to him, “Many people around the world have made money investing in cryptocurrencies and a lot of these people travel internationally, so it makes sense to offer a digital currency experience within our terminals”.
The airport is going to be partnering with TravelbyBit which is a cryptocurrency payment system that allows users to buy using their digital currencies.
This highlights the growing popularity of cryptocurrencies. It also shows the warmth of Australia towards digital currencies as a payment method. It is unlike many other countries that have shown negative perspectives when it comes to cryptocurrencies.
Other Countries Accepting Crypto Payments
Australia isn’t the only country to accept payment of cryptocurrencies. In fact, Berlin is considered the Bitcoin Capital of Europe in 2013. Since 2013, the number of businesses that have been accepting cryptocurrency as a form of payment has increased. There are many people today that can buy properties and even food using their cryptocurrency Bitcoin.
Japan is another country that has been adopting cryptocurrency payments all over Tokyo. And that is despite the warnings of their government officials about the volatility and the possibility of a bubble.
In fact, Japan is considered as Asia’s haven for cryptocurrencies. With China and South Korea regulators doing what they can to stop digital currency trading in their respective countries, Japan has been open arms to digital currencies. It is currently accounting for the 40% of bitcoin transactions worldwide. However, there are experts saying that this is actually putting Japan at a financial risk.
Whether or not it is a risk remains to be seen. Takehide Kiuchi, an executive economist at Nomura Research Institute mentioned that crackdowns by other countries have “led to moves to transfer investment money to Japan, where regulation is relatively slack”. In fact, South Koreans can trade cryptocurrencies only via their acquaintances in Japan.
What Makes Crypto Payments Appealing?
What exactly makes cryptocurrencies an appealing option? Of course, blockchain technology is the number one driving force why businesses are attracted towards cryptocurrencies. It makes transactions cheaper especially when you no longer have to deal with regulators. Unfortunately, not all countries are like Japan, Australia, and Germany that are open to the idea of having cryptocurrency payments. Cryptocurrencies have the power to be transferred just like email messages.