German Tourism Board accepts Bitcoin payments

The German National Tourism Board said it accepts cryptocurrencies such as bitcoin for its services. GNTB also intends to implement blockchain technologies in its finances. “We want to be a global innovation driver in the tourism industry.

Services offered by the German National Tourism Board (GNTB) can now be paid in cryptocurrency. The organization which promotes Germany as a travel destination accepts bitcoin payments from March this year, according to a press release. It also announced “medium-term” plans to test blockchain technologies in the processing of its international financial transactions.

“Within our digitization strategy, we are constantly examining the latest technologies and considering their application in our organization. By accepting cryptocurrencies as means of payment and with the possible implementation of the blockchain technology in our finances, we want to position ourselves as an innovation driver in the tourism industry,” said GNTB‘s Chair Petra Hedorfer.

The blockchain technology offers “interesting perspectives” in regards to the speed, transparency and security of financial transfers, the Board also notes. The announcement recognizes the “potential for tremendous improvements and savings” in international transactions.

Recently, Germany’s Federal Ministry of Finance announced that bitcoin should not be taxed when exchanged and used as means of payment. Its clarification notice effectively recognizes the most popular crypto as a currency. Bafin, Germany’s financial regulator, has advised investors in initial coin offerings to refer to regulations applicable to traditional financial instruments and comply with current requirements.