Cryptocurrency is another step towards universal acceptance. This time, the Italian luxury fashion brand Gucci said that they will accept the product’s price in cryptocurrency in several outlets in America. Buyers will be able to pay for Bitcoin, Ethereum, and Litcoin there. So, Gucci To Allow Customers to Pay With Cryptocurrencies.
But the service will be launched by the end of May 2022. Gucci will sell products in cryptocurrency at Rodeo Drive in Los Angeles and a sales center on Worcester Street in New York. Customers who pay in cryptocurrency at the store will receive an e-mail with payment and a QR code. This QR code must be used with a digital wallet. Gucci says it plans to launch the system in its North American outlets shortly.
However, not just Gucci; many of the world’s leading brands now embrace digital currency. These include Microsoft, US telecom firm, AT&T, and coffee chain Starbucks. This time Gucci joined them. Bitcoin and other cryptocurrencies have not yet been legalized in most countries. But last year, Bitcoin became legal tender in two more countries around the world. The two countries are El Salvador and The Central African Republic.
However, the International Monetary Fund (IMF) has advised caution in using cryptocurrencies. They say there is no need to ban arbitrary digital currency or cryptocurrency but instead regulate its transactions. At the same time, the central banks of many countries are thinking about the rationale for launching a digital currency. Some countries have come a long way. Sweden and China — one developed economy, the other at the top of emerging economies have launched pilot experiments on digital currencies. In 2020, the Bahamas’ central bank launched its digital currency, the dollar, the first in the world. India has also decided to introduce a digital rupee.
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