Ferrari to Start Crypto Payments in Europe Following US Success
Ferrari introduced crypto payments last year. The platform partnered with BitPay to enable the new payment option. The firm is now opening the same feature for Europe after a successful launch in the United States.
The new payment option will take effect starting from the end of July 2024 as per an official notification issued by the firm. The firm has noticed that European dealers are already aligned with the new payment system.
European Car Users to Buy Luxury Cars with Crypto
With the announcement of the new feature, European car enthusiasts will be able to buy the luxury sports brand using digital assets. At the same time, the firm is going to retain the traditional payment method as well.
A statement issued by the firm indicated that at the conclusion of 2024, Ferrari is going to expand crypto transactions to other nations so that international dealer networks can allow consumers to purchase cars with digital payments.
Ferrari’s foray in Europe took place after the successful launch of crypto payments in the United States last year. About 50% of dealers in the USA and Canada already have crypto payment options.
In Europe, about 60% of dealers are in the process of onboarding the digital payments feature. He also stated that a number of dealers in a few nations were excluded on account of regulatory restrictions and lack of market solutions.
Ferrari Dealers to Receive Payments in Fiat After Conversion
Ferrari official retains that dealers will not have to worry about converting cryptocurrencies in fiat payments. Instead, all crypto payments will be converted into fiat and sent directly to dealers’ bank accounts in the form of fiat currencies.
At the same time, the crypto payment facilitator will also verify the source of funds and secure transactions from price changes based on exchange fluctuations. Ferrari is based in North America and Europe and it now allows consumers hailing from the region to use Bitcoin, Ethereum, and USDC to purchase cars.
There are a lot of important changes taking place in the crypto sector which has the potential to impact the industry. Europe has partially implemented MiCA laws on the local digital asset sector. The law will become fully activated by December 2024.
Under the latest policy, various crypto trading platforms halted services temporarily in order to comply with regulatory requirements. In neighboring region, USA regulators are also at odds with the local crypto industry however the upcoming US elections are proving to be a reigning force in the sector with regards to legislator.
A number of crypto proponents and industry leaders have been vying for the regulatory framework. American voters are following the crypto policies of Presidential candidates. At the same time, stock markets in the United States are undergoing a turbulent time.
The negative impact from the traditional trading sector has affected the valuation of the cryptocurrency sector for the month. AI continues to be a contentious subject around the world with legislators retaining a stringent view while the institutional and blockchain adoption continues of the disruptive tech of 2023.
DeFi Investors and Developers Facing Regulatory Challenges
As per the Solana Foundation research report, the decentralized developers face challenges on various fronts.
The report indicated that at the time, the DeFi sector is facing regulatory uncertainty, which has shrunk the prospects for DeFi developers and contracted the scope of investment. Furthermore, developers are also struggling to design projects to cater to investor utilities.
The report included a brief overview of DeFi sector growth. This industry morphed out of blockchain stemming from centralized trading platforms to complex networks that have various features such as lending, borrowing, staking, and yield farming, etc.
The report has highlighted the rising pressure on DeFi services providers and developers in the context of rising utility. Some of the biggest concerns among DeFi projects are fluctuating incentives, governance inconsistencies, varied demand, and regulatory troubles.
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