Newstead Belmont Hills has become the first hotel in Bermuda to accept bitcoin.

The hotel has launched an app-based payment system at its front desk.

Larry Doyle, owner of Newstead Belmont Hills, said: “We see Bitcoin and other cryptocurrencies becoming another mainstream way that people will pay for goods and services in the future, as people understand it better and get more comfortable with the concept.”

“With that in mind, we decided that we would be part of the innovation in Bermuda — a small boutique hotel on an island being part of leading the way, if you will.”

David Burt, the Premier and Minister of Finance, whose government is working to attract blockchain and cryptocurrency-related businesses to the island, said: “I applaud the initiative undertaken by Newstead Belmont Hills to accept virtual currencies as payment by their customers.

“Bermuda is looking to become a world leader in fintech so I encourage other organisations in Bermuda to consider adopting this payment method.”

Bushara Bushara, Newstead’s general manager, said: “It’s as easy as using a credit card. Guests can pay with a simple scan of a unique bar code using the camera on their own smartphone, then the payment processor takes care of the rest.

“Expedia, the online travel agency, already has the option to pay with bitcoin and we know of a number of hotels in other jurisdictions are already accepting it. We are pleased to be at the forefront of this here in Bermuda.”

Newstead said it would be adding the payment option to its website “in the very near future” so that guests can pay online with it as well.