By providing digital alternatives to conventional currencies, cryptocurrencies have transformed the world of finance. Although many people at first viewed cryptocurrencies as speculative assets, they are rapidly being used for purposes other than investment. Businesses all around the world are starting to look into the possibility of accepting cryptocurrencies as payment. Ferrari is one such business that is famous for entering this digital space.
Ferrari recently declared its intention to expand this cutting-edge program to Europe by accepting cryptocurrencies as payment for its sports cars there. The Maranello-based company’s marketing and commercial leader, Enrico Galliera, verified this development and emphasized that it was in response to the needs of its wealthy clients.
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The move by Ferrari to accept cryptocurrency payments indicates that the auto sector is gradually coming around to the concept of digital currency exchanges. Cryptocurrencies have been making efforts to lessen their carbon impact, according to Enrico Galliera, by implementing new software and utilizing more renewable energy sources. He reaffirmed Ferrari’s unshakable commitment to becoming carbon neutral across its entire value chain by 2030.
Given that most blue-chip corporations have always been wary of embracing cryptocurrency, this decision by the Italian supercar manufacturer marks a significant change in the business environment. This hesitation has primarily been caused by the severe volatility of digital currencies like Bitcoin, which makes them unsuitable for regular transactions. Additionally, the inconsistent regulatory landscape and the significant energy usage linked to cryptocurrency mining have been obstacles to the widespread adoption of digital currencies for payments.
It’s crucial to remember that when it comes to environmental issues, not all cryptocurrencies are created equal. While some have made energy efficiency improvements, such as Ethereum (ETH), Bitcoin (BTC) is still criticized for its energy-intensive mining processes.
Ferrari has not specified how many vehicles it hopes to sell using cryptocurrency, but according to Automotive News, the company’s order book is robust and fully booked until 2025.
Not just Ferrari but other businesses also accept cryptocurrency payments. Since several years ago, Overstock, an online shop, has accepted Bitcoin as payment, and Expedia, a well-known travel site, now lets users pay for hotel reservations using the digital currency. Additionally, BitPay, a company that processes payments, has helped many businesses with cryptocurrency transactions. This business will be in charge of turning crypto payments into traditional currency on behalf of Ferrari.
“Prices will not change, no fees, no surcharges if you pay through cryptocurrencies,” Galliera added. “This was one of our main goals: avoiding, both our dealers and us, to directly handle cryptocurrencies, and being shielded from their wide fluctuations.”
As a final note, it’s worth pointing out that China is among the countries that restrict crypto payments, together with Egypt, North Macedonia, Saudi Arabia, Tunisia, and others.