Italian luxury carmaker Ferrari announced on Wednesday that its dealers in Europe will soon start accepting cryptocurrency payments. This move follows a similar change made in the United States.
From the end of July, European dealers will begin using this new payment method. The system includes checking where the funds come from and converting the payments into traditional money right away.
Ferrari said the decision to expand into Europe comes after a successful launch in the U.S. less than a year ago. The company aims to meet the changing needs of its customers.
By the end of 2024, Ferrari plans to offer cryptocurrency payments in other countries where it has dealers and where cryptocurrencies are legally accepted.
Cryptocurrencies, like bitcoin, are digital currencies not controlled by banks or governments. They offer financial freedom but can be very unstable. Some people have criticized bitcoin for being used in illegal transactions due to its anonymous nature.
In 2021, Elon Musk, the billionaire owner of Tesla, announced he would accept bitcoin for Tesla cars. However, he later reversed his decision, citing concerns about bitcoin's environmental impact.
Source - https://techxplore.com/news/2024-07-ferrari-crypto-payments-europe.html