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.
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.
