Opening An Ethereum Hotel In China, Is It Really A Wise Move?
With the Chinese crypto crackdown hot on the heels of all aspects of the cryptocurrency industry, it would seem pretty irrational to open a hotel and advertise that it is accepting Ethereum payments. With cryptocurrency on the brink of being totally outlawed, the Yitai Hotel have announced that they are set to be the first hotel in China to accept Ethereum payments.
According to reports, the owners of the Yitai Hotel are very bullish about cryptocurrency and also have a very strong belief in the future of the blockchain as a technology that is truly going to change the world. They hope that with the hotel, they will be able to spread a more positive message of cryptocurrency and blockchain technology in China, despite the governments recent moves to make cryptocurrency investment as tricky as possible.
According to Cryptoglobe:
âDespite Chinaâs 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.â
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.