The global financial crisis in the past year or so has led to a huge surge in cryptocurrency adoption worldwide. Cryptocurrencies have shown great potential for being an effective solution to inflation despite the effects of the current macro environment.
More and more people from financial novices to professionals and organizations have jumped on the crypto bandwagon over the past few years.
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Encryption in most aspects of daily life
A few years ago, it would be funny to imagine a world where different cryptocurrency platforms would become household names. But all that has changed and cryptocurrency platforms, especially cryptocurrency exchanges, are increasingly partnering with popular brands around the world. An example is Crypto.com which had a famous home for Los Angeles Lakers Renamed “Crypto.com Arena” before being named as the official sponsor of the FIFA World Cup Qatar 2022.
Cryptocurrencies are increasingly becoming a valid way to pay for goods and services. Crypto service providers have begun offering debit/credit cards in partnership with Visa and MasterCard allowing users to use their crypto holdings to pay for everyday items.
Retail stores and service providers have also started accepting cryptocurrency payments to promote cryptocurrency as a valid form of currency.
Cryptocurrencies in the Food and Beverage Industry
For example, in the United Arab Emirates, 7 food and beverage management giant has made it possible for customers to pay with cryptocurrency at all of their locations across the country. It currently accepts payments using major cryptocurrencies such as Bitcoin, Litecoin, BitcoinCash and Ethereum, although it is likely to expand the list in the future.
Countries like Australia and the USA have also seen coffee shops and cafes accept cryptocurrencies as a method of payment along with accepting mainstream payment methods, such as cash, debit cards and credit cards like Visa or Mastercard. Some even use the concept of cryptocurrency as inspiration for their list.
Krypto coffee, a local coffee shop in Brisbane, Australia, for example, derives the names of their menu items from different cryptocurrencies. Its menu contains items such as BTC Chipotle Chicken Toastie and Doge BLT.
Cryptography in the travel industry
The travel industry is one of the industries that has benefited the most from crypto payments with many travel companies and agencies now accepting the use of cryptocurrencies as a means of payment while traveling in certain countries.
Earlier this year, 1inch Network announced a partnership with the popular travel agency backed by Binance Travala.com. Travala has been at the forefront of accepting crypto payments and most recently accepted Shiba Inu (SHIB). The collaboration is a big step towards boosting the use of crypto in the travel industry as travelers can now book with different types of cryptocurrencies. Travala.com has joined Destinia, another widely known booking service that accepts BTC payments since 2014.
with growth digital nomads And reopening borders now that the weight of the pandemic has passed, there has been a lot of open discussion about the future of travel in general. However, the economic collapse that has greatly affected the travel and tourism industry has made most countries look for new and innovative ways to inspire tourism and spending.
Encryption in travel documents and visas
While the use of cryptocurrencies when traveling has become more and more popular in the past few years, travel documents still have a long way to go in fully relying on the use of cryptocurrencies as proof of income.
Currently, the UK government clearly states that bitcoin is not an accepted form of currency when it comes to proof of income. In the US, although some financial sectors are slowly starting to allow virtual currency as proof of income, the acceptance of cryptocurrency in applying for visas or ESTAs is a bit slow. In the Schengen countries, there is a general consensus that only official bank statements are reliable evidence of income at the moment.
The European Commission representative, Laura Bernard, emphasized that traditional bank statements were still necessary, but added that since visas are processed on a case-by-case basis, there is no rule that fits each person’s situation. This means that virtual assets may be useful in understanding the full picture.
Mark Percy, one of the chiefs of New Zealand Immigration, recently stated that there is technically no actual ban on the use of cryptocurrency as definitive proof, but he has already said that in the end it will be easier for Visa applications To use proof-oriented methods.
Overall, travel documents and visas still have a long way to go when it comes to accepting cryptocurrencies.
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