Are cryptocurrency and tourism a feasible union? Some experts not only consider it that way, but they also explain a series of advantages of using cryptocurrencies for travel, instead of cash.
Online travel agency Travala showed results of a survey that took into account the impact of the pandemic on the travel plans of those living in the United States, as well as their travel expectations for the second half of 2021. According to this information, there is a desire to spend more on travel and to use cryptocurrency signals.
Holidays: cryptocurrency signals and their advantages for tourism
- When Americans were asked how they plan to pay for travel in the second half of 2021, 22% said they plan to use cryptocurrency to pay for part of their trip.
- The union between cryptocurrencies and tourism is not new.
- There are already several tourism agencies in Argentina that have announced the receipt of bitcoin as a form of payment. One of the best known was Garbarino Viajes, a few years ago – say the analyst of SafeTrading.
Situation after pandemic
However, after the pandemic, electronic payment alternatives seem to have also revived in Argentina these new technologies that allow the use of electronic money without the need for intermediaries such as banks or credit cards – say the analyst of SafeTrading.
Mariano di Pietrantonio Head Of Strategy of Maker Growth – core unit behind the DAI stablecoin-, was consulted on this issue and said:
- “Borderless payment methods such as crypto, always have a positive effect when the product involves geographic borders, paradoxically”.
On the other hand, Eduardo Erlo, who works as Marketing Manager for Latin America of Status.im – one of the projects that runs under the most recognized Ethereum blockchain – pointed out:
- “cryptocurrency signals have the potential to encourage tourists to travel and spend more, without having additional expenses for levies, or international taxes on the use of credit cards “.
- “Another good advantage is having the freedom to spend as much as you want. No authority or institution will be able to limit your spending by card limits, by declared income or by government stocks. We also have other important advantages such as privacy and freedom on how to spend the money, “he added.
On the other hand, he remarked:
- “Some companies already have agreements with credit card companies so that you can convert your cryptocurrencies into fiat money in real time. This will probably evolve even more and people will start buying everyday things using crypto, one hundred percent on the blockchain “.
Defiant Wallet CMO – self-custodial multiblockchain crypto wallet – Fiorella Scantamburlo, opined that cryptocurrencies are a good tool for people to move between countries without carrying cash with them beyond the established limits.
- “I believe that cryptocurrencies can be a solution to the crisis in all sectors, including tourism, although we are far from significant adoption. Although many people are already looking for alternatives to be able to save despite the stocks, there is still a long way to go. The mass will come when businesses accept crypto, thus preventing the cryptocurrency holder from having to change them to be able to make payments,”he added.
Gabriel Kurman, RSK Co-Founder commented:
- “In addition to the elimination of intermediaries, the ease of sending currency, security and decentralization, those countries or regions that position themselves as crypto-friendly are going to receive an additional wave of tourism from those users and tourists who have part of their savings and their wealth in cryptocurrencies. This for example is happening today in El Salvador that since announcing the Bitcoin Law, and with the example of Bitcoin Beach, is receiving an influx of very important bitcoin tourism that goes straight to the pockets and to favor the income of the most needy people in El Salvador “.
And he added:
- “And another area where cryptocurrencies can also add a lot of value is in countries where there are restrictions on the movement of capital or multiple exchange rates, such as Argentina, where credit cards charge a very differential exchange rate. unattractive for tourists who are visiting the country. Tourists who visit these countries, their money is converted with a much lower exchange rate and they are ‘forced’ to be buying cash in clandestine places, while with crypto they can pay directly at the real exchange rate, which makes it much more attractive to tourists.”
Raúl Ortiz, Head of Business Development at Bitwage for Latin America -the platform for collecting salaries abroad in cryptocurrencies- shared his perspective:
- “I think that the use of cryptocurrencies can greatly incentivize the exchange, since it is not necessary to be subject to just one price or to the same form of conversion. When traveling it is always necessary to acquire dollars and then exchange it for the local currency, instead, operating with crypto that would no longer be needed “.
- “For those who make a living from tourism, offering the possibility of receiving in crypto can also mean a gateway to attract more customers,” he said
Experts agree that the use of cryptocurrencies would help strengthen the tourism and gastronomy sector, which have been so affected in 2020 and 2021 – say the analyst of SafeTrading.
The published material expresses the position of the author, which may not coincide with the opinion of the editor.