Crypto in everyday life including travel documentation and visas

The global financial crisis over the past year or so has resulted in an increase in crypto adoption around the world. Cryptocurrencies have shown great potential to be an effective solution to inflation despite the effects of the current macro environment.

More and more people, from financial novices to professionals and institutions, have jumped on the crypto bandwagon in recent years.

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Crypto in most facets of everyday life

A few years ago, it would have been laughable to imagine a world where various cryptocurrency platforms would become household names. But all that has changed and crypto platforms, especially crypto exchanges, are increasingly partnering with popular brands around the world. One example is Crypto.com which had the famous home of the Los Angeles Lakers renamed “Crypto.com Arena” before later being named the official sponsor of the FIFA World Cup Qatar 2022.

Cryptocurrencies are also increasingly becoming a valid medium for paying for goods and services. Crypto service providers have started offering debit/credit cards in partnership with Visa and MasterCard, allowing users to use their cryptocurrency holdings to pay for everyday goods.

Stores and service providers have also started accepting cryptocurrency payments which reinforces cryptocurrencies as a valid form of currency.

Crypto in the food and beverage industry

For example, in the UAE, food and beverage giant 7 Management has enabled customers to pay with crypto at all of its locations across the country. It currently accepts payment with major cryptocurrencies such as Bitcoin, Litecoin, BitcoinCash and Ethereum, although it will most likely expand the list in the future.

Countries such as Australia and the United States have also seen coffee shops and cafes accept cryptocurrency as payment in addition to accepting regular payment methods, such as cash, debit cards and credit cards such as Visa or Mastercard. Some even use the concept of cryptocurrency as inspiration for their menu.

For example, Crypto Coffee, a local coffee shop in Brisbane, Australia, derives the names of their menu items from various crypto coins. The menu includes items such as the BTC Chipotle Chicken Toastie and the Doge BLT.

Crypto in the travel industry

The travel industry is one of the industries that has benefited the most from crypto payments with many travel companies and agencies now accepting the use of cryptocurrencies as a form of payment while traveling in certain countries.

Earlier this year, 1inch Network announced a partnership with the famous Binance-backed travel agency Travala.com. Travala has been at the forefront of accepting crypto payments, with the latest being the acceptance of Shiba Inu (SHIB). The collaboration is a big step towards increasing crypto use in the travel industry since travelers can now book with different types of cryptocurrencies. Travala.com joined Destinia, which is another well-known booking service that has accepted BTC payments since 2014.

With the rise of digital nomads and the reopening of borders now that the brunt of the pandemic has passed, there have been much more open discussions about the future of travel in general. However, the economic collapse that has affected the travel and tourism industry to a great extent has most countries looking for new and innovative ways to inspire tourism and spending.

Crypto in travel documentation and visas

Although using cryptocurrencies when traveling has become more mainstream in recent years, travel documentation still has a long way to go to fully embrace the use of cryptocurrencies as proof of income.

Currently, the UK government clearly states that Bitcoin is not an accepted form of currency when it comes to proof of income. In the US, although some financial sectors are slowly starting to allow virtual currency as proof of income, crypto acceptance in applying for a visa or ESTA is a bit slow. In Schengen countries, the general consensus is that currently only fiat bank statements are reliable proof of income.

A representative of the European Commission, Laura Bernard, confirmed that traditional bank statements were still required, but added that since visas are dealt with on a case-by-case basis, there really wasn’t a one-size-fits-all rule. This means that virtual assets can be useful for understanding the whole picture.

Marc Piercey, one of the heads of New Zealand’s immigration department, recently mentioned that technically there is no actual ban on using cryptocurrency as reliable evidence, but actually said that it is ultimately easier for visa applications to use fiat-oriented methods of proof.

In general, travel documentation and visas still have a long way to go when it comes to cryptocurrency acceptance.