Crypto-Friendly Travel Destinations
Crypto-Friendly Travel Destinations
Though still not considered legal tender everywhere in the world, cryptocurrency is rising in its viability as an exchangeable currency and TravNow™ gives travelers access to hundreds of destinations around the world.
The laws surrounding the use and taxation of cryptocurrency vary from country to country. Some may allow its exchange, but monies paid will incur a tax, while others do not impose a tax on products or services paid for by a cryptocurrency.
If you are heavily involved in the world of digital assets, you may wonder which countries are the most accepting of cryptocurrency. The short answer is not many, but there are a handful you won’t be able to resist visiting! These tourism-friendly countries allow the exchange of cryptocurrencies and are included in TravNow’s™ Blockchain Travel Program.
In 2017, Japan saw a massive surge in tourism, welcoming 28.7 million tourists just three years shy of hosting the Olympics in Tokyo in 2020. Factors that have improved the tourism rates in Japan, as cited by CNBC, included the weakening of the Japanese yen and the relaxed visa requirements.
Ranked #4 overall in the report, Japan also ranked 10th in international openness, 18th in prioritization of travel and tourism, and 29th in tourist service infrastructure. Under the Payment Services Act, cryptocurrencies used are regulated and legal and can be used as payment for goods and services. The exchange of cryptocurrencies have become such a hit in Japan that the country is now the largest market of Bitcoin. Plan your visit to Japan through TravNow!™
Singapore enjoys a booming tourism industry, attracting over 17 million visitors in 2017 alone and was even ranked #13 as having the best international openness, the 2nd best business environment, and 24th in tourist services infrastructure. Cryptocurrencies are not legal tender there, but they are legal to exchange. Bitcoins in particular are considered a “good” and is subject to a “goods and service tax” when used in Singapore.
Ranking 1st in economical stability, Switzerland also boasts ranking 6th in tourist service infrastructure, 8th in safety and security and 13th in prioritization of travel and tourism. The use of cryptocurrency in Switzerland is both legal and regulated by the Swiss Federal Tax Administration. Not only are digital currencies considered assets, they are also required to be declared on annual tax returns. Switzerland would be a great destination for members of the TravNow™ Loyalty Program!
Though Argentina ranked in the mid-range for most of its categories in the report, it has continued to rise as its economy and tourism industry grows. Bitcoin and other cryptocurrencies are exchanged, but they are not legal currency nor are they highly regulated.
According to the World Tourism Organization, Germany welcomed over 34 million tourists from around the world in 2015 and can claim success in many aspect of its tourism industry, including ranking 6th in cultural resources and business travel and 9th in tourist service infrastructure. Germany accepts the use of Bitcoin as a “unit of account”, not a legal currency and is subject to a Value Added Tax (VAT).
Australia has consistently been a top tourism spot for people all over the world, ranking 7th overall in the report in 2015 and 2017. It ranked 2nd in international openness, 8th in tourist service infrastructure, and 11th in cultural resources and business travel. Any currency exchanges completed in Australia must be registered with the Australian Transition Reports and Analysis Centre, but they are legal and cryptocurrencies themselves are treated as property and are also subject to the appropriate taxation.
Canada, which was just recently ranked one of the top 10 happiest countries in the world, happily ranked #10 in tourist service infrastructure, 15th in cultural resources and business travel, and 43rd in their prioritization of travel and tourism. Though not yet considered a legal tender, cryptocurrencies can be exchanged legally, and depending on the region may also be regulated.
Interested in changing the World of Travel with us?
Despite the lack of regulation around crypto and bitcoin in certain countries, TravNow™ continues to educate travelers on how to see the various wonders of the world with cryptocurrency. Traveling through blockchain technology brings significant perks that will only increase as cryptocurrency is accepted by more countries. Are you ready to disrupt the world of travel with us? Click here to learn more.