Brisbane is emerging as a new crypto capital of Australia. This year Australia has rapidly adopted cryptocurrencies and blockchain technology. Second largest state of Australia, Queensland has started to accept cryptocurrencies to attract more tourists from all over the world.
Brisbane has a huge tourism industry and acceptance of cryptocurrencies will take the tourism at another level. Queensland government has given a sizeable grant to a local startup TravelbyBit which will enable the visitors to pay every aspect of their travel in form of cryptocurrencies and convert the city into a crypto haven.
TravelbyBit has already deployed their point of sale systems to over 200 merchants in all over Australia. More than 60% of these merchants are located in Queensland. At the beginning of 2018, Brisbane’s airport has started to accept the payments in form of cryptocurrencies and has become the first airport in the world to accept crypto payments. The airport has more than 30 outlets which accept crypto payment. Right now the airport is averaging around 50 cryptocurrency transactions per week and the figure is growing steadily.
To extend the influence of cryptocurrencies TravelbyBit is planning to sell the online travel package in crypto. According to Minister for Innovation and Tourism, crypto is going to drive more tourists to the state. Caleb Yeoh, CEO of TravelbyBit said that privacy feature of cryptocurrencies is incredible. When the traveler made a transaction, the merchant has no ability to pull any more money from traveler’s account while credit card number can be used to pull more money again and again without the permission of the traveler. Cryptocurrencies will prevent credit card fraud and the travelers do not have to carry huge cash. By using cryptocurrencies travelers will also be able to eliminate the inflated exchange rates by buying AUD. Another benefit of cryptocurrencies is that the payment can be made where there is no access to international banking and finance centers.
Great Barrier Reefs of Northern Queensland attracts millions of tourists from all over the world. It is accepted that adoption of cryptocurrencies will significantly increase these numbers.