IGA grocery stores to start accepting cryptocurrency
A new collaboration between TravelbyBit and IGA is putting crypto payments in stores around Australia.
You will soon be able to pay for your groceries with Bitcoin (BTC), Litecoin (LTC) and Binance Coin (BNB) at more than 1,400 grocery stores around Australia, courtesy of a new deal between IGA and TravelbyBit. The above image is an artist's impression of what this might look like.
And thanks to the new deal, the goal of being able to live off cryptocurrency alone is now much, much more alive at your local IGA than most other places.
It's not up and running yet, but if you really can't wait to convert crypto for consumables, you'll have to go to the IGA X-press Bowen Hills, as it's the store where TravelbyBit founder Caleb Yeoh first introduced the system to the store operator.
Otherwise, it will be arriving in IGAs around Australia in coming weeks.
Travelling to the grocery store
TravelbyBit, as the name suggests, is primarily concerned with letting people buy things with cryptocurrency while travelling the world.
The Australian company turned Brisbane Airport into the world's first cryptocurrency-friendly airport, and from there worked on building crypto-friendly payment trails from the airport to nearby destinations, including Australia's first cryptocurrency town (population 2,000).
You can see this manifested in the outsized number of TravelbyBit locations up and down the Queensland coast.
While the point of sale terminals at IGAs around the country are big news, they're still secondary to TravelbyBit's main service as a crypto-friendly booking agency, TravelbyBit founder Caleb Yeoh said to Nugget's News, especially because TravelbyBit doesn't actually make a profit from these point of sale terminals.
It makes sense. Thanks to the costs of exchange rates and the hassles of travel money, crypto is a natural accompaniment for travellers.
It might be a little less natural in grocery stores, but if you have some Bitcoin, Litecoin or Binance Coin burning a hole in your pocket, and haven't given your heart to Coles or Woolworths (or Aldi), it's as good a reason as any to shop local.
Also watch
Disclosure: The author holds BNB and BTC at the time of writing.
Latest cryptocurrency news
- BIS survey suggests Libra blindsided central banks, stablecoin use in EMEs
- Chamber of Digital Commerce sides with Telegram in SEC lawsuit
- Reserve Bank of India vs cryptocurrency: RBI cites Libra as point against crypto
- Digital Dollar Foundation: Why the former CFTC head is pushing for digital USD
- Understanding Australia’s proposed digital wallet regulations
Picture: Shutterstock
