Italian luxury carmaker Ferrari has announced that its European dealers will start accepting cryptocurrency payments, following a successful introduction in the United States.
The new payment system, which includes verification of the source of funds and immediate conversion into traditional currency, will be rolled out at the end of July.
“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 within its international dealer network, provided cryptocurrencies are legally accepted in those regions.
Cryptocurrencies, such as Bitcoin, are digital currencies not controlled by centralized financial institutions. Advocates highlight the financial freedom they offer, though cryptocurrencies are known for their volatility. Bitcoin has also faced criticism for being used in untraceable illegal transactions.
In 2021, billionaire Elon Musk announced that Tesla would accept Bitcoin for car purchases but later retracted the offer due to environmental concerns about Bitcoin’s production process.
