Cryptocurrency is becoming an increasingly useful tool for tourists traveling around the world. About which countries cryptocurrency can be especially useful and how it can improve the travel experience, writes travel portal Travalushki.
El Salvador
El Salvador became the first country in the world to recognize Bitcoin as legal tender. The Bitcoin law came into force on September 7, 2021, making El Salvador a pioneer in the field of cryptocurrency legislation. President Nayib Bukele's initiative aims to attract investors and increase financial inclusion in the country.
Benefits for tourists
One of the main advantages of using Bitcoin for tourists is the ability to avoid currency exchange. Tourists can use their bitcoins to pay for goods and services, simplifying financial transactions and reducing currency exchange fees. The country has a state-owned crypto wallet, Chivo, which supports fast and secure transactions. Tourists can easily install the application and use it to make payments, as well as receive discounts and bonuses for using cryptocurrency.
Criticism and challenges
However, the introduction of Bitcoin has caused mixed reactions. Local residents and some experts have expressed concerns about the volatility of the cryptocurrency and the lack of knowledge about its use among the population. The International Monetary Fund (IMF) also expressed concerns about possible risks to the country's financial stability and recommended stopping the use of Bitcoin as legal tender.
Malta
Malta is known for its progressive stance towards blockchain technologies and cryptocurrencies. The country's government has adopted a number of laws aimed at creating favorable conditions for cryptocurrency companies and startups. Malta is home to many leading cryptocurrency exchanges, including Binance, making it an attractive destination for crypto enthusiasts and tourists.
Benefits for tourists
Tourists can use cryptocurrency to pay for goods and services at various establishments across the country. Numerous crypto-ATMs make it easy to convert cryptocurrency into fiat money and vice versa. In addition, the absence of VAT on cryptocurrency transactions reduces the tax burden on users, making Malta a convenient place to use digital assets.
Regulation and safety
Malta is actively working to ensure the security of cryptocurrency transactions and protect the rights of investors. Strict anti-money laundering and anti-terrorist financing measures ensure a high level of trust in the country's cryptocurrency ecosystem.
Canada
Canada actively supports cryptocurrencies and blockchain technologies. There are more than 1,500 Bitcoin ATMs installed in the country, which makes the use of cryptocurrency convenient for tourists. Cryptocurrency companies in Canada are registered as financial services companies, which ensures a high level of transaction security.
Benefits for tourists
Tourists can use cryptocurrency to pay for goods and services in various establishments, and also easily exchange digital assets for fiat money through crypto-ATM. This allows you to avoid difficulties with currency exchange and additional commissions. In major cities such as Toronto and Vancouver, many establishments accept Bitcoin, making travel more convenient for crypto enthusiasts.
Regulation and challenges
Despite the favorable attitude towards cryptocurrencies, the Canadian government continues to develop the legislative framework to regulate this area. Companies dealing in cryptocurrencies are required to register with the Financial Transactions and Reports Analysis Center of Canada (FINTRAC), which provides a high level of transparency and security.
Germany
Germany is one of the most crypto-friendly countries in Europe. Bitcoin and other cryptocurrencies held for more than a year are exempt from capital gains tax, making the country attractive to long-term investors. Berlin has become one of the centers of the crypto industry, where many establishments accept cryptocurrency as a means of payment.
Benefits for tourists
Tourists can use Bitcoin to pay for goods and services in various establishments, including cafes, restaurants and shops. There are many crypto communities and events in Berlin, making the city attractive to crypto enthusiasts. In addition, Germany offers a high level of security and transparency in cryptocurrency transactions.
Regulation and challenges
The German government is actively working to create a regulatory framework for regulating cryptocurrencies. This includes measures to combat money laundering and terrorist financing, as well as consumer protection. These measures provide a high level of confidence in the country’s cryptocurrency ecosystem.
Estonia
Estonia is one of the most advanced countries in the field of blockchain technologies and cryptocurrencies. There are many cryptocurrency companies operating here, and the national cryptocurrency Estcoin is planned to be launched. Estonia offers favorable conditions for the use of cryptocurrencies, which attracts tourists from all over the world.
Benefits for tourists
Tourists can use cryptocurrency to pay for goods and services in various establishments, and also easily exchange digital assets for fiat money through crypto-ATM. In addition, Estonia provides a high level of security and transparency in cryptocurrency transactions, making it an attractive destination for crypto enthusiasts.
Regulation and challenges
The Estonian government actively supports the development of blockchain technologies and cryptocurrencies, creating favorable conditions for companies and investors. Strict anti-money laundering and anti-terrorist financing measures ensure a high level of trust in the country's cryptocurrency ecosystem.
Portugal
Portugal is a tax haven for crypto investors. Transactions with cryptocurrency are not subject to VAT, which makes it attractive for tourists. Local establishments actively accept cryptocurrency as a means of payment, which simplifies financial transactions for tourists.
Benefits for tourists
Tourists can use cryptocurrency to pay for goods and services at various establishments across the country. This allows you to avoid difficulties with currency exchange and additional commissions. Portugal also offers a high level of security and transparency in cryptocurrency transactions.
Regulation and challenges
The Portuguese government is actively working to create a regulatory framework to regulate cryptocurrencies. This includes measures to combat money laundering and terrorist financing, as well as consumer protection. These measures provide a high level of confidence in the country’s cryptocurrency ecosystem.
Switzerland
Switzerland provides many tax incentives for cryptocurrency users, making it one of the most crypto-friendly countries. Here you can pay for various services and goods with cryptocurrency, as well as use the services of crypto banks and startups​.
Benefits for tourists
Tourists can use cryptocurrency to pay for goods and services in various establishments, including cafes, restaurants and shops. There are numerous cryptocurrency communities and events in Switzerland, making the country attractive to crypto enthusiasts. In addition, Switzerland offers a high level of security and transparency in cryptocurrency transactions.
Regulation and challenges
The Swiss government is actively working to create a regulatory framework to regulate cryptocurrencies. This includes measures to combat money laundering and terrorist financing, as well as consumer protection. These measures provide a high level of confidence in the country’s cryptocurrency ecosystem.
Source: Cryptocurrency
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