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Ferrari to accept crypto payments in Europe
The Prancing Horse stable says it is ready to roll out a new payment system for crypto transactions in Europe and will expand beyond by the end of the year (Giuseppe CACACE)
Italian luxury carmaker Ferrari announced on Wednesday that its European dealerships will begin accepting cryptocurrencies, following a similar move in the United States.
The new payment system, which includes verification of the source of funds and immediate conversion of payments into traditional currency, will be rolled out from the end of July, he said.
“The entry into the European market follows the successful launch of this alternative payment system in the United States less than a year ago, to help dealers better meet the evolving needs of their customers,” the company said in a statement.
“By the end of 2024, Ferrari will expand cryptocurrency transactions to other countries in its international dealer network, where cryptocurrencies are legally accepted.”
Cryptocurrencies, the most famous of which is bitcoin, are a type of digital currency that, unlike traditional currencies, are not controlled by centralized financial institutions.
Proponents of the technology say it brings financial freedom, but cryptocurrencies can be highly volatile. Bitcoin has also been accused of being the currency of choice for illegal payments that leave no trace.
Billionaire Elon Musk said in 2021 that he would sell Tesla cars for bitcoin — before changing his mind, arguing that its production was too polluting and that he would only accept it when it was less polluting.
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