Italian luxury carmaker Ferrari announced on Wednesday that its European dealers will begin accepting cryptocurrency payments, mirroring a similar move in the United States. This new payment system, which includes rigorous verification of the source of funds and immediate conversion into traditional currency, will be implemented starting from the end of July.
Ferrari emphasized that the European expansion follows the successful launch of this alternative payment system in the US, less than a year ago. The company believes this initiative supports its dealers in meeting the evolving needs of their clients.
The automaker has ambitious plans to further expand cryptocurrency transactions to other countries within its international dealer network by the end of 2024, where cryptocurrencies are legally recognized. This strategic move highlights Ferrari’s commitment to adapting to the changing landscape of financial technology.
Cryptocurrencies, such as the widely recognized Bitcoin, are digital currencies that operate independently of centralized financial institutions. While proponents argue that cryptocurrencies promote financial freedom, they are known for their volatility. Bitcoin has also garnered criticism for its association with illicit transactions due to its untraceable nature.
In 2021, billionaire entrepreneur Elon Musk initially declared his intention to accept Bitcoin payments for Tesla vehicles before reversing his decision. He cited the environmental concerns surrounding Bitcoin’s production as the reason for the change, stating that he would only reintroduce Bitcoin as a payment method when its production becomes less polluting.
