Far Eastern Air Transport or FAT is the first airline in Taiwan to accept payments using bitcoin. This February 28, the Taiwanese airline declared its openness to accepting cyrptocurrencies, specifically bitcoin, for tickets as well as any services related to the travel industry. The airline will eventually serve as the pioneer in its adoption of cryptocurrencies in the country’s aviation field.
Passengers that will be using the airline can expect to have their bitcoin accepted and conveniently processed. The currency allows a discounted trading experience and the ability to make payments for more than 20,000 flights. According to Zhang Gangwei, the president of Far Eastern Air Transport, cryptocurrencies are set to be a critical part of the future of airlines. He declared, “The widespread use of cryptocurrency in various scenarios will usher in a new future for the airline business, lodging industry, OTA and the entire tourism sector.” He added, “FAT is about to be the No.1 in the industry to embrace cryptocurrency and blockchain technology.”
FAT is an airline that was established during the mid-1950s. It served as the popular airline for passengers heading to domestic destinations. However, the Far Eastern Air Transport is now set to similarly attract a slew of passengers from neighbouring countries such as South Korea, Japan, Malaysia, Indonesia, Philippines, Cambodia, Thailand, and Vietnam.
The central bank governor of Taiwan, Perng Fai-nan, has previously expressed his support of cryptocurrencies by agreeing to have it adequately regulated. Fai-nan even suggested that trading bitcoins needed to be included under the country’s law against money laundering.
Besides Taiwan’s FAT, airlines from different parts of the world have similarly accepted cryptocurrency payments. AirBaltic from Latvia has long supported payments via bitcoin since 2014 making it the first ever airline in the world to accept digital currencies – specifically bitcoin – as payment. Peach airlines and Surf Air from Japan both accept the cryptocurrency Ethereum