The Relationship between the Number of Cryptocurrency Acceptance Sites and the Intensity of Tourism in Terms of Legal Regulation
The Relationship between the Number of Cryptocurrency Acceptance Sites and the Intensity of Tourism in Terms of Legal Regulation

Author(s): Marcell Kupi, Viktoria Kundi, Tamás Szabó
Subject(s): Social Sciences
Published by: Udruženje ekonomista i menadžera Balkana
Keywords: Cryptocurrencies; Regulatory; Tourism
Summary/Abstract: The research delves into the nexus between cryptocurrencies and tourist activity, with a special focus on the facet of legal regulations. The study’s objective is to fathom how cryptocurrencies influence the tourism sector, and how legal standards bear on transactions involving cryptocurrencies within the tourism industry. The principal aim is to unravel the interconnection between the employment of cryptocurrencies in tourist services and its concurrent legal governance in four handpicked countries: Spain, France, Croatia, and the Netherlands. Clustering was achieved through SOM and PCA methodologies, which, in unison, proffer profound insights into the data’s architecture and interconnectedness. The data was collected through scraping with an API key. The research underscores that blockchain technologies, including but not limited to Ethereum’s advancements that extend beyond just Bitcoin, are steadily gaining a more influential role in tourism. Moreover, legal guidelines, especially within the EU, wield significant influence over transactions and operations associated with these digital assets.

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