German Authorities Make Bitcoin Official Legal Tender in the Tourism Sector

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German Authorities Make Bitcoin Official Legal Tender in the Tourism Sector

Life is a trade; you win some, you lose some. This is the condition of the world’s flagship cryptocurrency right now. While bitcoin is banned in some countries presently, it is gaining more mainstream adoption in many other nations.

In a point for cryptocurrencies, however, the German National Tourist Board (GNTB) has now made bitcoin and the like a legal tender in the tourism industry.

Blockchain Money Accepted Here

Present in 32 countries, the GNTB is poised to be a force to reckon with in the blockchain and crypto space. The organization is focused on championing the revolution in the tourism ecosystem.

“We want to be a global innovation driver in the tourism industry,” CEO of GNTB, Petra Hedorfer declared, adding that “In the course of our digitization strategy, we are constantly reviewing the latest technology and trends their applicability in our company.”

As such, it’s clear that the organization firmly believes in the capabilities of the distributed ledger technology. Therefore it is wasting no time in integrating the disruptive innovation into its processes in a bid revolutionize the tourism sector.

“With the acceptance of cryptocurrencies as a means of payment and the possible medium-term implementation of the blockchain, we want technology in our finance as a global company set a sign as an innovation driver and driver of the tourism industry,” continued Hedorfer.

Blockchain technology, the fuel that powers virtual currencies like bitcoin, ether, and others offer a high level of security of data, transparency, and immutability amongst other attributes.

These excellent features have convinced a significant number of corporations and fintech firms worldwide to integrate the technology into their operations.

However, cryptocurrencies have been finding it a herculean task getting into mainstream finance, and the GNTB’s adoption of digital currencies is a bold step indeed.

The Board has made it clear to all that it’s determined to strategically position Germany as a diverse and attractive travel destination as well as a critical player in the business world.

Europe Loves Bitcoin

Unlike the United States, Europe has a soft stance as regards digital currencies. Back in February, the German Ministry of Finance released a report detailing how transactions involving bitcoin would be taxed.

The document made it refreshingly clear that “The use of Bitcoin shall be equated with the use of conventional payment instruments, insofar as they serve no purpose other than that of a pure payment instrument.”

The U.S government, on the other hand, categorizes bitcoin as property for taxation purposes; forcing bitcoiners to pay outrageous amounts for all their crypto-related transactions.

Take heed that the German Finance Ministry has made cryptocurrencies a legal tender in the nation since late February 2018 and the country’s financial regulator has advised ICO investors to adhere to the guidelines applicable to legacy financial instruments.

Presently, quite a handful of merchants accept bitcoin as a payment method in the country and the number is expected to rise exponentially, provided digital currency regulation remains favorable.

Ogwu Osaemezu Emmanuel

Ogwu Osaemezu Emmanuel is a graduate of Mass Communication and Media Studies. He joined the blockchain movement in 2016 when a friend of his introduced him to an investment platform accepting bitcoin. He has never looked back since then. Emmanuel believes the world needs real change and freedom from poverty. He sees crypto and the underlying distributed ledger technology as the catalyst to a better future for all.