Published
5 years ago on
October 02, 2018
“Despite China’s controversial and aggressive regulatory stance on cryptocurrencies, the 'Yitai Hotel' is the first Chinese hotel to accept Ethereum as a form of payment is set to open, according to local news sources. The owners are not only pro-cryptocurrency but believe in blockchain and its ability to change the world, and hope that this business creates more awareness worldwide about the technology, as well.”Is this a smart move?Given that authorities in some areas of China have banned hotels and event spaces from hosting cryptocurrency events/conferences we can assume that the hospitality industry is not immune from the governments moves to ban cryptocurrency. Therefore, we can expect that the decision by the Yitai Hotel to advertise Ethereum payments will be taken very seriously and thus, the business will be watched very closely, as will those who actually choose to spend Ethereum in the hotel.There could be a way round this in that the hotel could be accepting payments from tourists who are paying for their stay before they visit the country, though it still seems risky and seems like an awful lot of trouble could be stirred up as a result of it. Either way, I suppose it is inspiring to see a group of crypto enthusiasts that are so confident about the future of cryptocurrency, that they are essentially ignoring what is happening around them in the political sphere and going about things their own way. ReferencesCryptoglobe Investment Disclaimer
