Australia has been at the forefront of blockchain development and cryptocurrency acceptance this year. With several deals inked between major banks and corporations and an increasing adoption of digital currencies nationwide it is growing into a crypto powerhouse.

Brisbane has a huge tourism industry and it is banking on crypto to give that a boost by enabling crypto payments in as many places as possible. Local startup, TravelbyBit, has been given a grant by the Queensland government to turn the city into a crypto haven. According to reports the firm’s cryptocurrency point-of-sale system has been deployed to over 200 merchants nationwide, with at least 60% located in the state of Queensland. Northern Queensland boasts the Great Barrier Reef which attracts millions of visitors per year.

Brisbane’s airport became the first globally to accept crypto payments earlier this year in over 30 outlets in the terminals. The Brisbane Convention and Exhibition Centre is permitting visitors to pay for events using digital currencies this week and the sleepy town of Agnes Water further north has been touted as ‘Australia’s first digital currency town’.

TravelbyBit aims to extend the influence of crypto into the travel scene by selling travel packages online in crypto. Minister for Innovation and Tourism in the tropical state said that crypto was the cog that is set to drive more tourists to Queensland. The advantages for travelers and tourists are numerous and include the elimination of inflated exchange rates for buying AUD, prevention of credit card fraud, and the safety of not having to carry around large sums of cash. Losing an ATM card or a stash of cash could spell the end of a trip, this would not be the case with crypto wallets.

TravelbyBit CEO Caleb Yeoh commented on the security benefits of using cryptocurrencies over credit cards;

“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.”

Another advantage is that crypto payments can be made where regular credit card facilities are lacking such as in remote areas. A simple peer-to-peer payment would work for businesses and customers when there is no access to international banking and finance centers.

It is still early days and according to the report Brisbane airport is averaging around 50 cryptocurrency transactions per week, a figure that is growing steadily. Other antipodean states are taking their own approach to crypto but Queensland is leading the adoption race at the moment.

The post Australia’s Brisbane Becoming a Cryptocurrency Hub For Travelers appeared first on NewsBTC.

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