If you’re a crypto fan, then you surely know that Australia has made numerous headlines this year and has even established itself as one of the countries that are currently at the forefront of blockchain development and cryptocurrency adoption and acceptance.
Cryptocurrency and travel are so big right now in Queensland that the state’s government decided to turn the city into a crypto haven via a grant attributed to local startup TravelbyBit. According to a report from Gizmodo Australia, TravelbyBit’s point-of-sale system is very successful.
The PoS system has been deployed to well over 200 Australian merchants and services, and 60% of them are located in the state of Queensland. Some of the most relevant examples include the Brisbane airport which became the first airport in the world to accept crypto payments in over 30 terminals and the Brisbane Convention and Exhibition Centre that allows its visitors to pay for entrance fees using digital currencies.
Future plans for TravelbyBit
The company shows no sign of stopping its fulminant expansion as it aims to extend within the travel scene as well. TravelbyBit aims to sell travel packages online and allow their clients to pay for them using crypto.
This move is expected to be very advantageous for all tourists who come to Queensland and want to pay for their stay with crypto, mainly because using cryptocurrencies eliminates the need for exchange rates for buying AUD. Other advantages include the prevention of credit card fraud, and ultimately financial protection as tourists are no longer required to carry physical cash with them.
“Privacy with digital currencies is a security feature; I push a fixed amount of money to the business and that merchant has no ability to pull any more money from my account. Whereas, with credit cards, whoever has my credit card number can pull money from my account again and again and make as many fraudulent transactions as they want online. That’s why there’s so much credit card fraud going on,” Caleb Yeoh, TravelbyBit’s CEO declared regarding the security benefits of using crypto over traditional payment options.
Brisbane is currently leading the crypto adoption race, even though more and more Australian states are currently looking of copying Brisbane’s example. Of course, these are still the early days of Australian crypto adoption, but, considering that Australia is so committed to supporting these initiatives is one of the many valid proofs that blockchain tech and cryptocurrencies are the future.