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Brisbane Airport Breaking Ground by Accepting Cryptocurrency

Australia’s Brisbane Airport leaped into financial conversations in late January. Rumors of cryptocurrency being accepted as legal tender offered a temporary reprieve from the month’s freefalling market value. Speculation regarding real-world utility stands as more of a delusion than actual basis at present. That said, increasing traction for these ideas is pushing some of the world’s leading financial figures to speak in favor of commercial use.

CoinDesk was among the first to report on rumors surrounding the Brisbane Airport’s new approach. Working with TravelbyBit, customers would be able to purchase in the airport’s stores using various cryptocurrencies. Bitcoin naturally stood out as the favorite name, but newer reports project application for Ethereum, Litecoin, Dash, and Steem as well. This is a potentially pivotal point for cryptocurrency in 2018. With the Australian government recognizing cryptocurrencies as a legitimate option in some field, it is only a matter of time before the accepted scope expands.

TravelbyBit’s general manager of strategic planning and development was on record stating, “This is just the beginning for us as we hope to expand the digital currency option across the business.” CEO Caleb Yeoh supported the idea that TravelbyBit provides a “genuine use case for cryptocurrencies.” TravelbyBit remains heavily focused in the travel sector, an area familiar with crypto. Landmark brand Expedia is among the largest active companies accepting cryptocurrency in any market. Allowing customers to plan their trips and pay with Bitcoin, a precedent has been set. Other individuals have followed suit in accepting crypto for travel plans pricing over a quarter of a million dollars. Partnering with Brisbane’s airport offers a new opportunity within a familiar sector – a centrally located hub for bars, stores, etc. to accept crypto from a wide demographic may be enough to kickstart international commercial usage.

Approval from the Australian government in this venture is an important statement. Current political standing has polarized investors who may or may not have faith in the crypto-market. January was littered with concern that South Korean officials would completely shutdown crypto-exchanges rather than simply regulating them. Russia departments have wavered on their standing, and other nations heavily base their positions on different criteria (the purpose of legalization, individual risk, governmental risk). It appeared at the end of 2018 that Russia would never accept cryptocurrency as a legal tender, but the country has already transitioned to hosting exchanges and finding potential utility in the tourist market.

There is no concrete date for Brisbane’s transitional period. The speculative market has been trending down over recent weeks, but new developments in this project may again offer a short-term spike in value. Bitcoin is often tied to its potential retail use, and this could rival Japan’s current financial infrastructure with a successful implementation.

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Brisbane Airport to Launch In-Terminal Cryptocurrency Payments

Australia’s Brisbane Airport has announced it will roll out cryptocurrency payments within the terminal shopping areas.

The new payment system, provided by cryptocurrency travel firm TravelbyBit, will enable travellers to use bitcoin, ethereum, dash and other digital currencies to shop and dine at various stores and restaurants across both of Brisbane’s air terminals, a press release says.

Roel Hellemons, Brisbane Airport Corporation’s (BAC) general manager of strategic planning and development, said that the airport is the first worldwide to incorporate cryptocurrency payments. The move, he said, “makes sense” because many people who have invested in cryptocurrencies travel internationally.

He continued:

“This is just the beginning for us as we hope to expand the digital currency option across the business.”

According to TravelbyBit CEO Caleb Yeoh, the payment system presents a “genuine use case for cryptocurrencies” in the field of tourism.

“Here at TravelbyBit we are promoting the bitcoin travel movement. Digital currency for world-wide travel. It’s simple, safe and there’s no bank fees,” Yeoh added.

The use of cryptocurrencies to boost tourism and related services is something that global politicians have increasingly being investigating.

In November, the head of Russia’s Federal Agency for Tourism predicted that blockchain technology will transform the country’s tourism industry.

“We are absolutely convinced in our federal agency that blockchain will seriously change the tourism market, although, in our opinion, it will happen not in two years but in 5–10 years,” said Oleg Safonov at the time.

In the U.S., legislators in Hawaii have pushed for the creation of a working group dedicated to blockchain technology, with a focus on tourism payments.

Airport flight board image via Shutterstock

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World’s First Cryptocurrency Airport In Brisbane

Brisbane Airport (BNE) will soon become the first cryptocurrency airport terminal, according to reports from local media. The airport is working with local and international companies to make the entire terminal cryptocurrency friendly, with stores, coffee shops and restaurants accepting BitcoinEther and Dash.

The move to digital currencies makes sense for the airport, as the number of crypto investors increases. According to Roel Hellemons, the General Manager of Strategic Planning and Development:

“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 will partner with TravelbyBit, a cryptocurrency payment system, in order to allow travelers the ability to buy digitally.

The move highlights Australia’s growing warmth toward cryptocurrencies and digital payment methods, in spite of negative perspectives from other countries. With the recent ban from China and the threats from South Korea, the openness of Australian policy will come as a welcome change for crypto investors.