As per a report announced by La Nacion, several hotels in Argentina have been financially paralyzed by up to eight months of disordered trade, with scores on the verge of closure.
Argentinian hotels are “preparing to accept crypto payment” as they prepare to re-open after long, COVID-19 pandemic lockdown-enforced closures.
According to industry insiders, the entire sector is reeling after months of inactivity and zero or negative income.
The media outlet cites Ramiro Alem, the CEO of travel platform inverTUR, as stating,
“Without any doubt, this is the most challenging moment the industry has faced in its history.”
And to face these difficulties, it appears, hoteliers are prepared to turn to crypto.
Carolina Bottoli, the commercial manager of Argenway, a hotel complex development company, was cited as saying,
“We have begun to consider the idea of adopting payments using cryptoassets.”
Crypto adoption has been on the rise in Argentina this year, with many using it as a hedge against spiraling inflation or as a dollar gateway with strict foreign exchange caps imposed by the government in a bid to prevent a run on the fiat peso.
While some smaller boutique hotels, particularly in the capital Buenos Aires, have been accepting Bitcoin payments for several years (at least eight per a 2015 report from Hosteltur), Argenway is an A-list player in the Argentinan hotel game.
The firm is currently constructing the luxury Hampton by Hilton Rosario and Hampton by Hilton Bariloche resorts, the second of Argentina’s famous Patagonia region. The firm is also one of Argentina’s biggest package tour and real estate companies.
Somewhere in Latin America, hotels in Venezuela – another country hit with inflationary troubles – have recently turned to crypto pay, including the landmark Hotel Eurobuilding in Caracas, which in January began accepting payment in BTC and several significant altcoins.