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Australian State Grants Crypto Startup $100k to Boost Tourism

Australia’s Queensland state government has awarded a $100,000 grant to a crypto travel experience startup, a government official announced on Wednesday.

The company, TravelbyBit, designs “tourist routes” on which travelers can spend crypto, and also provides a crypto payments platform for merchants.

“Tourism is one of Queensland’s most important industries,” Innovation Minister Kate Jones said in a statement. She added:

“TravelbyBit has devised a clever way to make it easier for visitors to our state to pay for their purchases with a growing number of local businesses accepting cryptocurrency payments.”

The startup is one of 70 companies that will receive funding from a $8.3 million grant, and Jones said the money will be used to help TravelbyBit “scale-up their operation.”

According to CEO Caleb Yeoh, 150 merchants across Australia already use TravelbyBit’s payments platform, but the company’s aspirations are higher – literally. It has partnered with the Brisbane Airport Corporation to create a crypto-friendly airport.

“With this next phase of technology, we are targeting a different brand of tourist – the tech savvy travellers from anywhere in the world who are looking to book their travel experiences ahead of their trip and use digital currency to pay for their travels,” he said in the statement.

TravelbyBit currently facilitates payments in BTC, LTC, DASH, ETH, XEM and will accept BNB in the future.

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The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Quebec Halts Crypto Mining Approvals As New Rules In Progress

Quebec has issued a moratorium on new cryptocurrency mining operations in a bid to give officials time to develop new restrictions and potentially increase energy costs, Reuters reported Thursday.

The Canadian province long known for its cheap hydroelectric power has formally stopped approving new projects in order to create new rules around which mining firms will be allowed to set up shop in the region, according to the news agency.

Further, Hydro Quebec, the state-owned power producer, hopes to limit the power that can be available for miners to 500 megawatts in total, or just “a fraction of the 17,000 megawatts” that miners had requested so far, according to the report.

Hydro Quebec has also reportedly asked Quebec’s energy board to create new rates so as to “help maximize the energy producer’s revenue.”

Yet this is not the first time Quebec has halted approvals for new cryptocurrency mining firms. As previously reported, Hydro Quebec briefly stopped accepting new clients from the space in March, citing the large amount of energy demanded by miners.

At the time, the firm produced a document which stated it would be unable to meet demand if every mining project that applied for space was approved.

With new restriction rules, as Reuters reported, Hydro Quebec would be able to choose “the best among the companies” vying to develop facilities in the region.

This will in turn help the province grow its economy without resulting in higher costs for local residents, said Hydro-Quebec’s distribution president Eric Filion in a statement.

Hydro Quebec image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Posted on

Quebec Halts Crypto Mining Approvals Pending New Restrictions

Quebec has issued a moratorium on new cryptocurrency mining operations in a bid to give officials time to develop new restrictions and potentially increase energy costs, Reuters reported Thursday.

The Canadian province long known for its cheap hydroelectric power has formally stopped approving new projects in order to create new rules around which mining firms will be allowed to set up shop in the region, according to the news agency.

Further, Hydro Quebec, the state-owned power producer, hopes to limit the power that can be available for miners to 500 megawatts in total, or just “a fraction of the 17,000 megawatts” that miners have requested so far.

Hydro Quebec has also reportedly asked Quebec’s energy board to create new rates so as to “help maximize the energy producer’s revenue.”

This is not the first time Quebec has halted approvals for new cryptocurrency mining firms. As previously reported, Hydro Quebec briefly stopped accepting new clients from the space in March, citing the large amount of energy demanded by miners.

At the time, the firm produced a document stating it would be unable to meet demand if every mining project that applied for space was approved.

With new restriction rules, as Reuters reported, Hydro Quebec would be able to choose “the best among the companies” vying to develop facilities in the region.

This will in turn help the province grow its economy without resulting in higher costs for local residents, said Hydro-Quebec’s distribution president, Eric Filion, in a statement.

Hydro Quebec image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.