Ferrari to Start Accepting Cryptocurrency Payments in Europe

Italian luxury automaker Ferrari announced on Wednesday that its European dealerships will soon accept cryptocurrency payments, mirroring a similar initiative launched in the United States.
This new payment system, which will be implemented by the end of July, includes verifying the source of the funds and converting the payments to traditional currency immediately. Ferrari’s move into the European market follows the successful introduction of this payment option in the U.S., aimed at helping dealers meet the changing demands of their customers.
By the end of 2024, Ferrari plans to extend its cryptocurrency payment system to other countries where digital currencies are legally recognized.
Cryptocurrencies, such as bitcoin, are digital currencies not governed by centralized financial institutions. While they offer financial freedom, they are known for their volatility. Bitcoin, in particular, has been criticized for its association with illicit transactions due to its anonymity.
Elon Musk, the billionaire CEO of Tesla, had announced in 2021 that Tesla would accept bitcoin for car purchases. However, he later reversed his stance, citing environmental concerns and stating that the company would only accept bitcoin if it became more eco-friendly.

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