Switzerland bounces up on the list of crypto-friendly nations as the country has taken several measures favoring the digital assets. Another news coming from the country’s hospitality industry as a 5 star Swiss Hotel, The Dolder Grand has initiated accepting payments in bitcoins starting from May 1. A hotel of this magnitude favoring the cryptos is a major thing for the crypto community and is a win-win for both the parties too. The cryptos will get the exposure while the hotel will have another method for payment resulting in increased revenue. The hotel had previously decided to pay salaries of its staff in bitcoins too, another feather in its cap.
We are very proud to have taken a step towards accepting crypto currency.The Dolder Grand is the very first luxury hotel in Switzerland where guests can pay with Bitcoin.
The Dolder Grand took to the news to the public themselves.They announced that after deciding to pay their workers in bitcoins, the hotel now accepts guests paying in digital assets too. This makes the crypto a favorite not just for the hotel, but for the guests as well. This is a welcoming step for the cryptos as it gives them exposure to the people who might just be willing to invest in them and spread the word.
The technical partner, Inacta AG has lent its support to the hotel to achieve the incorporation of bitcoin into the billing system. Though, they may include other cryptos into the system, the hotel has not announced it yet. However, one can see how cryptos have started impacting major businesses and have started to become an active part of our lives in a positive manner. Inacta AG is a group of experts that produce the best blockchain environment for a project and strengthen the structures for crypto involvement. They claim: ‘More than 70 digitization experts and an experienced management team advise companies on digitization and strategy issues and implement tailor-made IT solutions’. This venture will bring them into the lime light as per it being so adaptive and exposed to the thousands of travelers that visit the hotel.
For the Dolder Grand, Inacta AG is set to offer the similar methods like other partners such as TokenGate and Crypto Valley. Inacta AG has provided the blockchain for the bitcoin incorporation into the hotel billing system and the salary payment protocol. This will leave Inacta with the task to maintain the system whenever need be. The live system will be used by the guests and the staff alike and whenever there is any issue, Inacta will be responsible for stabilizing the live system. Inacta also intends to bring in an app for the billing system including bitcoins which is being developed as we speak. Inacta AG has not thrown any word about this to the public yet. Inacta’s blockchain advisory head, Roger Darlin has somewhat mentioned the purpose behind his idea that bitcoin must be incorporated into the already developed bigger structures.
“It is aimed at customers who have built up legitimate cryptocurrency holdings and who don’t want to convert them into traditional currencies, such as Swiss francs. This also allows vendors, who may be cautious about handling cryptocurrencies directly, to accept payments from these clients”.
The Dolder Grand has taken a leap towards crypto adoption as it has allowed the guests to book rooms, buy food and drinks, as well as pay for spa services using bitcoins. Though the hotel billing system, the guests will not be required to transfer their bitcoins to fiats in order to proceed through a payment. The hotel will now bear the crypto exposure too, which can really turn the tables for the Swiss 5-star. Irrespective of the financial outcome of the bitcoin incorporation, the hotel is now a trend setter and the standard bearer for such incorporation all over Europe. Other ventures and similar platforms are likely to walk this way in the future to come. A similar trend can be seen in other companies too. For example, Netzmedien AG, a media juggernaut, has also announced to pay salaries to its staff in bitcoins.
The Swiss policies are favorable for the cryptos as we recently saw the Federal Assembly approving instructions over crypto regulation. A motion from Liberal assemblyman Giovanni Merlini, stated to adopt the existing measures to accommodate the cryptos into the financial system. The motion got 99 to 83 votes in favor and was escalated. The Swiss banks are vigilant in observing the new trends and laws to mould them into adopting the cryptos. The Basel Committee on Banking Supervision (BCBS), a Swiss-based international banking authority, noticed the archaic systems and stated that cryptos, implemented over the current system can, ‘raise financial stability concerns and increase risks faced by banks’. Overall, Swiss are more than welcoming for the cryptos.
Majority of the top tier companies and industries have incorporated crypto in one way or another. These include crypto-welcoming policies of the corporate financial structure and a much more progressive legal framework that welcomes adopting cryptos.