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Ferrari To Accept Cryptocurrency Payments in Europe

by Nafisat Abdulrahman
1 year ago
in Business
ferrari
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Italian luxury carmaker Ferrari announced on Wednesday that it will begin accepting cryptocurrency payments through its European dealers, following a successful launch in the United States.

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The new payment system, set to roll out at the end of July, includes rigorous verification of the source of funds and immediate conversion of payments into traditional currency. “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 support dealers in better addressing the evolving needs of its clients,” Ferrari stated.

By the end of 2024, Ferrari plans to expand cryptocurrency transactions to other countries in its international dealer network where cryptocurrencies are legally accepted.

Cryptocurrencies, most notably bitcoin, are digital currencies not controlled by centralized financial institutions. Advocates argue that this provides financial freedom, although cryptocurrencies can be highly volatile. Bitcoin, in particular, has been criticized for being used in illegal transactions due to its untraceable nature.

Elon Musk, the billionaire CEO of Tesla, famously declared in 2021 that he would accept bitcoins for Tesla cars but later retracted his decision, citing environmental concerns. Musk stated he would reconsider only when bitcoin production became less polluting.

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Nafisat Abdulrahman

Nafisat Abdulrahman

I am a dedicated reporter at Leadership Newspaper, where I bring a keen eye for detail and a passion for storytelling to a diverse range of topics, including business, sports, politics, and international affairs. My work aims to provide readers with accurate, timely, and engaging reports that break down the complexities of current events. From covering high-profile political shifts and court cases to exploring the latest in economic developments and sporting events, I strive to offer insightful and comprehensive coverage. My stories include in-depth analyses of economic trends, detailed political reports, and human interest pieces that highlight significant global and local events. I am committed to delivering news that informs and fosters a deeper understanding of the issues shaping our world. My goal is to engage readers with well-researched and thought-provoking content

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