Australian convenience store, On The Run, to accept cryptocurrency as payment

TL;DR breakdown

• On The Run and other businesses owned by the Peregrine Corporation recognize cryptocurrency as payment.
• The rate of cryptocurrency adoption in Australia calls for regulation of the sector.

On The Run (OTR), one of Australia’s biggest convenience store and fuel station chains is set to implement a cryptocurrency payment system across all its branches. The company which is based in South Australia is currently the state’s biggest private employer of labor with 3,100 employees working at over 160 branches across the state. The proposed payment method will allow the store’s thousands of customers to purchase commodities using a variety of cryptocurrencies.

The crypto payment technology is being developed by Crypto.com, a cryptocurrency exchange based in Singapore, in collaboration with Datamesh, a payment company in Sydney, and is to be ready in July.

Peregrine corporation to incorporate crypto in other businesses

This development is the result of Peregrine Corporation, the conglomerate which owns On The Run, deciding to adopt cryptocurrency as a form of payment in its businesses. So, in addition On The Run, Oporto, Subway, and Smokemart will also recognize the digital asset as payment for goods. Peregrine describes this move as seizing an opportunity to capitalize on the cryptocurrency market’s rapid growth.

“The growth and mainstream acceptance of cryptocurrency adoption in Australia and the rest of the world has been phenomenal, and has offered us a clear opportunity to tap into the momentum of this fast-growing space for the benefit of our customers.” Yasser Shahin, the company’s executive chairman said.

With the implementation of this system, Peregrine Corporation will be joining the ever-increasing list of over 350 businesses in Australia and over 15,000 businesses worldwide that also recognize crypto assets as a form of payment.

Australia’s government to regulate crypto

Currently, Australia is ranked as the country with the third-highest rate of adoption of cryptocurrency with 18% of the country’s population being crypto holders per data from Finder. While this factor has contributed greatly to the increasing number of businesses with a crypto payment system, it has also drawn the government’s attention to the need for regulation of the sector.

In March 2022, the Australian government set forth a list of proposed changes in the country’s payment systems aimed at creating a taxation system for the cryptocurrency space and protecting investors -its citizens- from corrupt dealers. These changes will also look to regulate the transactions of digital banks and crypto exchange platforms. Presently, the government is consulting with key figures in the sectors with a target of implementing these reforms at the end of the year.