Archives September 2020

Apart from other sectors, the tourism sector is also entering into the race of crypto adoption. One such travel platform is Travala.com. The travel platform has announced that it will incorporate the VET as one of the payment methods.

VET is VeChain’s token that is being used by many platforms to receive payments. In short, Travala.com has now become a crypto-friendly travel booking platform. Travala users will now be able to book hotels, homes, and more through the VET token.

Juan Otero, CEO of the travel booking platform is hopeful that this implementation will increase the adoption of cryptocurrency throughout the sector. Even the VeChain Foundation believes that users will have multiple options to pay for their bookings.

The consumers will be exposed to multiple modern methods to pay for their bookings through the VET’s adoption. The VeChain Foundation is moving ahead to increase the adoption of the blockchain solution. Blockchain is a scalable solution and it gives security aspects to the entire system.

Overview of VeChain’s Partnership With Travala

The travel booking platform Travala is used by many users. With this partnership, VeChain’s token payment will be used in 230 countries. More than 2 million accommodations can be booked by making payments through VET.

Since the vacation rental market is being increased in terms of expenditure, the alternative payment methods will bring a fresh change to the industry. The demand will also surge the VET’s ability to be used as smart money.

In addition to the wide variety of accommodation bookings, the crypto payment method will also enhance the overall user experience of the Travala platform. It will increase the blockchain adoption overall. The payment will be processed faster and safely due to the reputable platform of the VeChain Foundation. On Travala’s forefront, the users will be happy to have access to a renowned and user-friendly payment system. It is a win-win situation.

VeChain Foundation’s Other Alliances

With this goal in mind, VeChain Foundation has partnered with many other companies in recent weeks. For example, accounting and consulting firm Grant Thornton Cyprus. The VeChain Foundation is not just limited to the travel industry. It has partnered up with a variety of industries.

Pharma, automotive, logistics, food, e-commerce, and many other stones are being added to the VeChain Foundation’s crown. Another example of VeChain Foundation’s alliance with other industries is China’s Shenzhen Yuhongtai Foods Company. VET token will be used as a payment method in ordering and tracking the food ordered from China’s food delivery giant.

Kyrgyzstan’s law enforcement agencies have been shocked and surprised after finding a large scale illegal cryptocurrency mining farms operating at the heart of a neighbouring FEZ or Free Economic Zone. The video of the illegal operation unit was posted by the State Service for Combating Economic Crimes which is the anti-corruption unit of the Republic of Kyrgyzstan, on Youtube recently. 

During the on-site search operation, law enforcement officials found a wide range of highly advanced crypto mining devices that can easily be connected to the internet and electricity. As per the news reported by the local news media outlet, the authorities have already begun their investigation into finding the miners’ origins as well as the source of energy used for mining. As per the news, the official members of the FEZ Bishkek and the local government were involved in operating as well as covering the traces of the illegal crypto mining operations. 

The FEZ Bishkek is an economic corridor that is located at the heart of the capital of Kyrgyzstan’s capital. It is meant to promote, create, and help expand the private businesses in the country. This special economic territory, FEZ Bishkek is operational for nearly two decades now as per its official website. 

One of the primary reasons why Kyrgyzstan has emerged as a popular place for crypto mining is because of the low energy prices. Many of these big cryptocurrency mining companies have their bases in the country. In 2019, the local energy department officials made an announcement that it would cut off the power supply to nearly 45 crypto mining companies because they collectively consumed more energy than the total three other regions in the country combined. 

The parliament of the country has also been discussing in 2020 the need to regulate and tax the crypto mining firms in the bid not only to increase the country’s revenue but also to ensure that the crypto mining firms do not get a free pass at using the country’s resources without contributing back. 

It is expected that Kyrgyzstan’s Parliament would soon pass the bill that would bring regulations in place to ensure that the crypto mining firms do not profit at the expense of the country’s interests. The bust of the illegal mining firm in an otherwise thriving economic zone has brought to light the grave need to focus on the crypto-mining sector as well as revisit energy prices for commercial entities, especially crypto-mining farms.