The countrywide grocery store chain, Independent Grocers of Australia, has announced a partnership with cryptocurrency firm TravelByBit in order to facilitate cryptocurrency payments at its 1,400 plus grocery stores.
IGA is the Australian branch of the America-based international association called Independent Grocers Alliance.
Considering the number of IGA stores and the huge population it reaches, this partnership to accept cryptocurrency payments for groceries should act as a great boost for cryptocurrencies to reach the general population within the Australian subcontinent.
Slow and Steady in Australia
In 2017, many small and big retailers had started accepting cryptocurrency payments but quickly abandoned the practice as the bearish market took over in 2018. Now, once again there are companies willing to integrate cryptocurrency payments into their system for smoother transactions.
TravelbyBit has hugely impacted the cryptocurrency ecosystem in Australia. The company helped Brisbane Airport in Australia to become the world’s first crypto-friendly airport. Back in June 2018, it also created Australia’s first digital currency town that had a population of over 2000 citizens.
The Australia-based firm is now on the verge of setting sail another major cryptocurrency integration as it would allow IGA customers to pay for their groceries in Bitcoin (BTC), Litecoin (LTC), and Binance coin (BNB). The flagship facility is expected to open in Bowen Hills in the next few weeks.
Australian regulators have kept a close watch on the cryptocurrency market and trading activities in order to better regulate the market and make it safer and more compliant with Australian laws. Their interest in this industry comes as part of their plan to become the center of blockchain and cryptocurrency innovation, which dates back to 2016 when the Head of the Reserve Bank of Australia announced that the country could have its own digital dollars in the future.
These facts combined together make Australia one of the best testing grounds for implementing cryptocurrency payments to judge how well it is received by the population yet not involved with the new digital economy.
Will the integration of cryptocurrency payments to IGA entice more people to own and use cryptocurrencies? Will people still choose fiat over cryptos? Let us know your thoughts in the comments below.
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