#FINANCIAL_LITERACY

Italian luxury brand Gucci is going to start allowing customers to pay using a range of cryptocurrencies. The brand is joining several other firms that are opening themselves to virtual currency. The service will be rolled out later this month at flagship stores including Wooster Street in NYC and Rodeo Drive in LA. Cryptocurrencies including Bitcoin, Litecoin, and Ethereum will be accepted. The firm will also accept Dogecoin and Shiba Inu.

Customers shopping in stores with crypto will receive an email with a QR code to use along with their digital asset wallet. Quick Response (QR) codes are barcode-like squares that are read by mobile phones. Safe, efficient, and verifiable payment has become more common since the pandemic began. QR code payments apps or NFC readers on smartphones can read these codes. “Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers,” stated Marco Bizzarri. Bizzarri is the president and CEO of the brand. “Now that we can integrate cryptocurrencies within our payment system, it is a natural evolution for those customers who would like to have this option available to them,” he added.

Cryptocurrencies are stepping into the mainstream

The move by the Italian luxury brand to accept crypto as a payment option is a step forward for mainstream businesses. Recently, several giant firms such as Microsoft, AT&T, and Starbucks have said yes to crypto. Additionally, in 2021, Bitcoin has risen to status as legal tender in El Salvador and the Central African Republic. El Salvador stated that its consumers can use cryptocurrency in all transactions, along with the US Dollar. However, the International Monetary Fund (IMF) is urging the nation for reversing its decision. While cryptocurrencies are handy, their volatile nature makes them risky as a legal tender.