Argentine hotels are preparing to accept crypto payments as they prepare to reopen after long closings forced by the COVID-19 pandemic.
According to a report From La Nacion, many of the country’s hotels have been financially crippled by up to eight months of disrupted trade, and the results are about to close.
According to industry insiders, the entire sector fluctuates after months of inactivity and zero or negative income.
The media quoted Ramiro Alem, the CEO of the travel platform inverTUR, as stated,
“Without a doubt, this is the most difficult moment the industry has faced in its history.”
And in order to meet these challenges, hoteliers are apparently ready to turn to crypto.
Carolina Bottoli, the commercial director of Argenway, a hotel complex development company, was quoted as saying:
“We started thinking about the idea of accepting payments with cryptoassets.”
The adoption of cryptos in Argentina has increased this year. Many use them as a hedge against inflationary spirals or as a dollar gateway with strict currency caps imposed by the government to prevent a run on the fiat peso.
And while some smaller boutique hotels, particularly in the capital Buenos Aires, have been accepting Bitcoin payments (BTC) for several years (at least eight per year 2015) report von Geneltur), Argenway is an A-list player in the Argentine hotel game.
The company is currently building the luxury Hampton by Hilton Rosario and Hampton by Hilton Bariloche Resorts, the second of which is in Argentina’s popular Patagonia region. The company is also one of the largest package tours and real estate companies in Argentina.
In other parts of Latin America, hotels in Venezuela – another country with inflation problems – have previously turned to crypto payment, including the landmark Hotel Eurobuilding in Caracas, which began accepting wages in BTC and a number of major altcoins in January.
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