With the Chinese crypto crackdown that closely follows all aspects of the cryptocurrency industry, it would seem rather irrational to open a hotel and announce that it is accepting payments from Ethereum. With the cryptocurrency on the edge of being totally outlawed, Yitai Hotel has announced that it will be the first hotel in China to accept Ethereum payments.
According to reports, the owners of the Yitai Hotel are very confident about the cryptocurrency and also have a strong belief in the future of the blockchain as a technology that will really change the world. They hope that with the hotel, they will be able to spread a more positive message of cryptocurrency and blockchain technology in China, despite recent attempts by governments to make cryptocurrency investments as complicated as possible.
According to Cryptoglobe:
"Despite the controversial and aggressive attitude of Chinese regulation on cryptocurrencies," Yitai Hotel "is the first Chinese hotel to accept Ethereum as a form of payment should open up according to local news sources. cryptocurrency, but they believe in the blockchain and in its ability to change the world, and they hope that this business will create a greater global awareness also of technology ".
Is it an intelligent move?
Given that in some areas of China authorities have banned hotels and event spaces from hosting cryptocurrency events / conferences, we can assume that the hospitality industry is not immune to government moves to ban cryptocurrency. Therefore, we can expect that the decision by the Yitai Hotel to publicize payments on Ethereum will be taken very seriously and, therefore, the activity will be watched very closely, as well as those who actually choose to spend Ethereum in the hotel.
There might be a way around this as the hotel could accept payments from tourists who are paying for their stay before visiting the country, although it still seems risky and it seems like a lot of trouble could be aroused due to its. However, I suppose it is inspiring to see a group of enthusiastic crypts who are so sure of the future of cryptocurrency that they are essentially ignoring what is happening around them in the political sphere and going about things their way.