Cryptocurrencies have made waves in the tourism industry, and a case study in Central Queensland, Australia, explores their impact on the towns of Agnes Water and Seventeen Seventy. In this research note by Shu-Hsiang (Ava) Chen and Aaron Tham, that draws on Rogers' Diffusion of Innovation Theory, they seek to uncover the effects of cryptocurrencies on regional tourism. The research aimed to understand the factors that led local merchants to embrace cryptocurrencies as a means to attract tourists and stimulate economic growth in these adjacent towns. It suggests that not all regional destinations can expect the same results as each location has its unique characteristics and visitor demographics.

The research note highlights the three major factors that drove merchant receptivity towards cryptocurrencies: the novelty effect, low entry barriers, and zero overhead costs. However, the success of crypto-tourism ultimately depends on tourists' intentions to use these digital assets during their visits. As cryptocurrencies continue to evolve and gain wider acceptance, their role in tourism is likely to expand. In the interim, it is necessary for regional tourism destinations to carefully assess their suitability for integrating cryptocurrencies and consider how these innovations align with their unique characteristics and visitor profiles. Crypto-tourism may not be a one-size-fits-all solution, but for some destinations, it could be the key to unlocking new opportunities for growth in an ever-changing tourism landscape.

Shu-Hsiang (Ava) Chen and Dr Aaron Tham