Australian Province to Use Crypto For Development of Tourism
August 2, 2018
Queensland, a province in Australia, to invest $8.5 million into a cryptocurrency startup. Authorities plan to develop tourism in the province with the help of cryptocurrency.
The startup is called TravelByBit. Its main goal is to multiply the amount of tourists in Central Queensland by offering tourism services for digital currency with the use of Paypal. The project would also create several hundred jobs in the province.
The Minister for Innovation and Tourism Industry Development of Queensland Kate Jones said in the announcement:
"Tourism is one of Queensland’s most important industries. 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."
Co-founder and CEO of TravelByBit Caleb Yeoh said:
"We have more than 150 merchants across Australia using our system and this funding, to develop a purpose-built platform that will accept digital currencies from anywhere in the world, will allow us to add jobs not only directly to our team but also across the broader tourism industry."
Australia is not the only country that uses cryptocurrency for the development of tourism. For example, Germany integrated bitcoin and other crypto payments for some goods and services in the country.