According to a report published in Vogue Business, Gucci, one of the world’s most famous luxury clothing brands, will accept cryptocurrency payments in its stores in the USA.
Gucci Will Expand Cryptocurrency Payments To All Its Stores Soon
Gucci has launched cryptocurrency payments at its major stores, including Rodeo Drive in Los Angeles and Wooster Street in New York and Las Vegas, and has plans to expand it to all its direct-run stores in North America in the near future.
Among the crypto assets to be accepted Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Wrapped Bitcoin (WBTC), Dogecoin (DOGE), Shiba Inu (SHIB) and stablecoin types.
According to the report, Gucci will convert its crypto revenues into fiat currencies.
Previous attempts to sell high-value items using crypto have failed multiple times due to money laundering and tax implications for US citizens.
Tesla’s attempt to sell electric cars using BTC was soon canceled due to the overall cost of tax and anti-money laundering paperwork that US citizens would have to face if they wanted to exchange their cryptocurrencies.
Payments with cryptoassets were also recently accepted by Thailand’s real estate agents, but were banned after officials were concerned about the money laundering potential of the initiative.
In addition, the high transaction fees on the Ethereum Blockchain also cause difficulties in payments with this altcoin.
*Not investment advice.