As reported on the business news information website Trade Arabia, the German National Tourist Board — the national marketing organization that promotes tourism in and to Germany — is now accepting digital currencies such as bitcoin. Commencing immediately, all services can be paid in cryptocurrencies.
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Tourism Industry Warms Up to Blockchain, Cryptocurrencies
The GNTB, who works on behalf of the German federal government, intends to pilot the underpinning technology of crypto — the blockchain technology — in their finance division. In the interim, the organization will use cryptocurrencies for international payments. It is the first time a government-linked entity has come forward to accept cryptocurrencies.
Petra Hedorfer, Chair of the GNTB Board, commented on the move:
“Within our digitalization strategy we continuously test newest technologies and trends to see if they could be useful for our company. Through accepting cryptocurrencies as a payment method and the possible medium-term implementation of the blockchain technology in our finance sector our international company wishes to set ourselves apart as an innovator and instigator within the tourism industry.”
Several airlines and hotels around the world have started accepting cryptocurrencies and use it as a marketing tool to attract crypto enthusiasts. And with credit card frauds as prevalent as ever, some forward-minded firms are starting to see digital currencies as a superior alternative.
German Government Wants Global Crypto Regulations
Recently, German Federal Ministry of Finances categorizes bitcoin as tax-exempt, provided that it is utilized as a payment medium. But there is a desire in the nation for more coordination in the European Union. Accordingly, ahead of the 2018 G20 summit of finance ministers and central bank governors, Germany and France have asked for a formal discussion on crypto.
Chief of Staff of the German Chancellery Peter Altmaier, French Finance Minister Bruno Le Maire, and the respective central bank governors of France and Germany submitted a joint request to Argentina to include cryptocurrencies in the G20 agenda.
The request stated:
“We believe there may be new opportunities arising from the tokens and technologies behind them. However, tokens could pose substantial risks for investors and can be vulnerable to financial crime without appropriate measures. In the longer run, potential risks in the field of financial stability may emerge as well.”
As governments around the world push for regulations in the crypto space, businesses are starting to adopt cryptocurrencies as a payment method. Looks like Main Street is coming.
Will more tourism industry participants employ cryptocurrencies? Let us know your views in the comments section.
Images via Caribbean National Weekly, Digital Tourism Think Tank