Global Financial Crisis There has been an increase in worldwide crypto adoption over the past year or two. cryptocurrency Despite the effects of the current macro environment, inflation has shown great potential to be an effective solution.
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More and more people ranging from financial novices to professionals and institutions have jumped on the crypto bandwagon over the years.
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Crypto in most aspects of everyday life
A few years ago, it would be ridiculous to imagine a world where various cryptocurrency platforms would become household names. But everything has changed and crypto platforms especially crypto exchanges are increasingly partnering with popular brands around the world. An example is Crypto.com whose famous home was Los Angeles Lakers renamed “Crypto.com Arena” before being named later Official sponsor of the FIFA World Cup Qatar 2022,
Cryptocurrencies are also fast becoming a legitimate means of payment for goods and services. Crypto service providers have started offering debit/credit cards in partnership with Visa and Mastercard, thus allowing users to use their cryptocurrency holdings to pay for everyday items.
Retail outlets and service providers have started accepting cryptocurrency payments to consolidate cryptocurrency as a legitimate form of currency.
Crypto in the Food and Beverage Industry
For example, in the United Arab Emirates, food and beverage giant 7 Management has made it possible for customers to pay with crypto at all of its locations across the country. It currently accepts payments with major cryptocurrencies such as BitcoinLitecoin, Bitcoincash and EthereumAlthough it is most likely to expand the list in the future.
Countries such as Australia and the United States have seen coffee shops and cafes accept cryptocurrency as payment in addition to accepting mainstream payment methods such as cash, debit cards and credit cards such as Visa or MasterCard. Some even employ the concept of cryptocurrency as inspiration for their menus.
crypto coffeeFor example, a local cafe in Brisbane, Australia, derives the names of their menu items from various crypto coins. Its menu features items such as the BTC Chipotle Chicken Toastie and the Doge BLT.
crypto 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 method of payment when traveling in certain countries.
Earlier this year, 1 Inch Network announced a partnership with the famous Binance-Supported online travel agency Travala.com. Travala has been at the forefront of accepting crypto payments with the latest Shiba Inu (SHIB) Approval, The collaboration is a major step towards promoting crypto use in the travel industry as travelers can now book with a variety of cryptocurrencies. Travala.com joins Destinia, another widely known booking service that has been accepting BTC payments since 2014.
with the increase of digital nomads And the reopening of borders Now that the outbreak of the pandemic has passed, there has been much more open discussion about the future of travel in general. However, with the economic slowdown that majorly affected the tourism and travel industry, most countries have looked for new and innovative ways of motivating tourism and spending.
crypto in travel documents and visas
Using cryptocurrencies while traveling has become more mainstream over the past few years, but travel documentation still has a long way to go before there is full adoption of 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 a proof of income, crypto acceptance is a bit slow in applying for a Visa or ESTA. In Schengen countries, the general consensus is that at present, only fiat bank statements are reliable proof of income.
A representative for the European Commission, Laura Bernard, confirmed that traditional bank details were still required, but added that since visas are processed on a case-by-case basis, there was really no rule that would apply to each individual. adapt to the situation of the individual. This means that virtual assets can be useful in understanding the whole picture.
One of the heads of the New Zealand Immigration Department, Mark Piercy, recently noted that there is technically no real ban on using cryptocurrencies as fiduciary proof, but has actually said that it is ultimately easier. visa application To use fiat-oriented methods of proof.
Common travel documents and visas still have a long way to go when it comes to acceptance of cryptocurrencies.