Bitcoin now acceptable for Payment in Maldives Resort

[348Judah]

It has become a thing of continuous adoption despite the many challenges across the world with bitcoin use as a currency and for payment as the world now rotates in the axis of digital technology advancement, Soneva Resort in Maldives and Thailand now has issue a breaking news on its customers on the acceptance of bitcoin as a means of payment, indeed these development could make it easier for it customers to have a good experience in making payments at all ease especially those who were bitcoin friendly and enthusiast.

Recently i came over an article about the list of nine companies that accepts bitcoin as a payment currency and these are some of the most recognized ones across the world whereby they were known for an international standard and reputation, although there are many other developing institutions, aviation industries, sport games and clubs, businesses, and enterprise in their numbers that also accepted bitcoin for payment.

It will always be a thing of joy with the beauty in the addition of bitcoin for payments in Maldives Resort and the experience of this is going to be a landmark on its bitcoin and crypto patronages, its indeed an addition of sauce to their luxury experience in the resort.

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[Lucius]

I don't see that this news is particularly important considering that there are a lot of tourist locations where it is possible to pay with Bitcoin, and the Maldives has always been for those with deeper pockets in terms of prices. What doesn't fit into the story is Thailand, which banned cryptocurrencies as a means of payment a few months ago, and the article claims that it is possible to do so?

The only thing that comes to my mind is that there is some kind of exception for crypto payments coming from abroad to the account of certain companies. Otherwise, I don't see how anyone would ignore the very strict laws in that country, although until recently I thought that the ban on payments with cryptocurrencies in Turkey was a serious matter, until a forum member explained to me that the law exists only on paper.

[stompix]

The only thing that comes to my mind is that there is some kind of exception for crypto payments coming from abroad to the account of certain companies. Otherwise, I don't see how anyone would ignore the very strict laws in that country, although until recently I thought that the ban on payments with cryptocurrencies in Turkey was a serious matter, until a forum member explained to me that the law exists only on paper.

Soneva, the company that owns those resorts is based in Maldive, they are the ones taking the payment, and Thailand authorities have no say in what and how is paid, in the accounting it will still be the equivalent in thai baht, ฿  not BTC lol,  the customer can choose to pay in euros dollars or whatever the main branch of the company accepts.

So if I would own a house in Thailand I could lend it to you for 0.x bitcoin and my only trouble with the Thai authorities is to pay the taxes on the amount I made from lending you that, and of course, the contract between us will state the value in our national currency, not bitcoin.

[buwaytress]

10 years ago any of the remote Maldives islands still had laughable, expensive dialup. Be surprised if things have changed since these private owned resorts actually don't have a demand for even basic internet. Holidaying people.

This is my way of explaining what Lucius asked... Because those islands are private, Maldivian law is absentia there. E.g. they sell pork and alcohol on those islands but it is criminalised on the non private islands.

That was what I learnt there anyway.

Definitely sense a use case for holiday goers who probably might be watched... Missing super yachts anyone?

[348Judah]

Thailand, which banned cryptocurrencies as a means of payment a few months ago, and the article claims that it is possible to do so?

i think you're very very right, the nees came in batches, and here's the first circular that went around about Thailand proposal on bitcoin ban Thailand ban bitcoin for payment of goods and services this was the first and misleading news that fail to explain in details what the government of Thailand really meant, here the government banned the use of bitcoin and other cryptos for payment and transactions by it commercial banks and financial institutions but does not stated that using bitcoin is an illegal act.

later then we also come across the real and genuine information regarding the news which states:  The Thai SEC stressed it is only banning the use of crypto for payments and is not banning crypto trading and digital assets and i so much believe this action action from the government of Thailand is what is common to many other countries that has failed to accept bitcoin as a legal tender and ban their financial institutions from performing related transactions in crypto but they were quite aware the people still uses it for payment even though without the support of the government.

[Leviathan.007]

I know Soneva as a resort company and years ago I heard the news from them in the Maldives but I don't think if they are really famous, accepting bitcoin can be a good point for them and this will definitely help them with getting more and more customers because accepting another payment method itself can be a good point and if we are talking about bitcoin I'm sure this happened because of the demand from the client's side so they can use bitcoin instead of other payment methods which can be a good experience for them and good advertising for this company.

[Rruchi man]

I'm sure this happened because of the demand from the client's side so they can use bitcoin instead of other payment methods which can be a good experience for them and good advertising for this company.

Most likely is not as a result of demand from client because we have seen places where clients make demands to pay in bitcoins, and even though there are many demands, the company/establishment decides to stick with traditional fiat. IMO, this is a strategy to show that they are growing with technology and because this is attractive, their resort can become the number one choice in that location for tourist who are visiting to have a good time without minding cost.

[Ziskinberg]

From time to time, adoption comes to growing and many establishments have their way to consider and accept Bitcoin as a currency. It is something to say that we are moving forward to reach the main reason for this creation, it won't make instantly but it takes slowly and it is soon to happen where many individuals will make use of this for their major online transactions. What we just need is to keep spreading Bitcoin, not in a form of investment but as an alternative form of payment, the community needs awareness and more information.

[n0ne]

More luxury businesses are getting adopted to the growing demand. I look upon the addition of bitcoin payment in such a way. What this resort have done will surely make few more resorts operational in the location to add bitcoin payments. I'm not sure of the legal status of bitcoin in Maldives. However a step forward is always appreciable.

As Maldives is more popular for tourism it adds more value. Because there is difference in addition of payments option in a local tourism region and an international spot.

[AmoreJaz]

More luxury businesses are getting adopted to the growing demand. I look upon the addition of bitcoin payment in such a way. What this resort have done will surely make few more resorts operational in the location to add bitcoin payments. I'm not sure of the legal status of bitcoin in Maldives. However a step forward is always appreciable.

As Maldives is more popular for tourism it adds more value. Because there is difference in addition of payments option in a local tourism region and an international spot.

i guess it is also one of the attractions by some resorts, to integrate what's in today. and seeing the acceptance of crypto in their payment system is like an attraction itself. definitely, if it is available, some will try to use it. just for the sake of trying it. and if they feel it has advantage, they will surely endorse it to others as well. tbh, accepting btc is not that difficult. these owners can even have their electrum wallet and get one of the addresses as their payment address. maybe, some of them are understanding that crypto payment is not that difficult.