Germany is another country that makes a big step forward towards cryptocurrency adoption. The German National Tourist Board (GNTB) will start accepting Bitcoin and other cryptocurrencies as payment for its services. The German organization said it was interested in Blockchain technology for their finance operations and will start its plans from March 5th.
The GNTB serves to promote tourism within Germany, developing products and strategies to establish a positive image of the country. With the new plans, the organization is aiming at improving speed and security for transactions. The adoption of cryptocurrencies may offer financial savings for international transaction fees and will add transparency to the organization’s work.
Example for an innovation-driven country
The German National Tourism Board wants to test cryptocurrencies and Blockchain technology, and might use it for international payments. The German National Tourist Board is a global company and it wants to “set an example as an innovation-driven organization and a leader for the tourism industry, said Petra Hedorfer. Petra Hedorfer, CEO of GNTB also said:
“Within our strategy for digitalization we continuously look at the most recent technologies and trends and see whether they can be implemented into our company,”
The Frankfurt-based GNTB is subject to the Federal Ministry of Economy and Energy, because it is a national tourism board. It receives funding from the Ministry and aims to develop and communicate strategies and products to positively represent Germany as an attractive travel destination. Because of this goal, the organization operates 32 agencies abroad.
Countries embrace Cryptocurrencies and Blockchain technology
Another European country, France, declared virtual currency as acceptable means of payment in accordance with precedent set by the European Court in 2015. It was declared late February 2018, with it France enters the list of countries that embrace the new technology, its research and development.
Germany aims to cooperate with the European Union and other countries in creating regulations for trading platforms and Initial Coin Offerings (ICOs). Regulations are a necessary topic these days and a lot of countries are working on it. The first detailed regulations for Initial Coin Offerings in Germany were passed in late February by the Federal Financial Supervisory Authority. It has the authority over the cryptocurrency space in Germany due to a current lack of specific legislations.
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