The phenomenal popularity of these cryptocurrencies is continuing not just in the world market and now the aviation industry.
Peach airline has accepted Bitcoin as payment, becoming the first Japanese airline to honor the said cryptocurrency.
Peach Aviation, the low-cost Japanese carrier specialising in flights to north-east Asia, will become the country’s first airline to allow customers to pay directly for tickets using bitcoin.
The japanese airline is seeking to ride the still surging tide of tourist arrivals from China and South Korea and play on a fascination with bitcoin in Japan that has given rise to a series of marketing gimmicks.
The Peach aviation’s decision follows changes to Japanese regulation earlier this year that legitimize the bitcoin crypto currency as a form of fund settlement and open the way to what the government hopes will be broader domestic investment in financial technology and innovation.
Furthermore, analyst weighed in over the bitcoin phenomenon saying country’s formal recognition of bitcoin is also a necessary first step in efforts to control something it associates with money laundering and other crime.
On Monday, the airline formally embraced and recognized the bitcoin, follows similar decisions elsewhere in the world.
The crypto currency has been accepted for several years as payment at airBaltic, the Latvian low-cost carrier, and Lot, the Polish carrier.
However, a number of plans by online retailers and travel agents to accept payments in the virtual currency have often stalled or failed altogether soon after being announced.
Shinichi Inoue, Peach chief executive, has finally decided to take on for the formal recognition of the world’s most popular cryptocurrency.
The company’s move brings the carrier into a group of around 5,000 Japanese businesses that position themselves as strongly appealing to high-spending Chinese tourists and accepting the crypto currency through intermediary payment systems.
According to the local report, the decision to accept bitcoin is designed to appeal particularly to Peach’s younger Chinese customers — who it says are both comfortable with bitcoin use and sensitive to movements in traditional currencies.
As of the moment, the company is hoping to spread the use of bitcoin by pushing for tie-ups with local governments and companies.
“We want to encourage visitors from overseas and the revitalisation of Japan’s regions,” said CEO Inoue, whose airline serves routes between about a dozen regional Japanese airports and about seven Asian destinations.
Meanwhile, last April the Philippine central bank also recognized and formally introduced Bitcoin as legal way and mode of payment.
Peach is controlled by Japan’s largest airline, ANA, which increased its stake in the low-cost carrier above 66 per cent earlier this year. Despite several years of effort, the penetration by Peach and other no-frills airlines remains far lower than the 20-30 per cent average in Europe.
Different crypto currencies like Ethereum were also shortlisted by the United Nations as medium to its various projects.