Crypto News Like Desk : Another step towards universal acceptance is cryptocurrency. This time, the Italian luxury fashion brand Gucci said that they will accept product prices in cryptocurrency in several American stores. Buyers can pay for products there in Bitcoin, Ethereum and Litecoin.
But not now, this service will be launched by the end of this month. Gucci will sell products in cryptocurrency at locations on Roadeo Drive in Los Angeles and Wooster Street in New York. {BBC news}
Customers who pay in cryptocurrency at the store will receive an e-mail upon payment, along with a QR code. This QR code must be used with digital wallet.
Gucci said it plans to roll out the system to all of its directly managed North American stores in the near future.
But not only Gucci, many well-known brands in the world are now accepting digital currency. These include tech giant Microsoft, US telecom firm AT&T and coffee chain Starbucks. Gusi joined them this time.
Bitcoin and other cryptocurrencies have not yet been legalized in most countries around the world. However, last year Bitcoin was legalized in two other countries of the world. Those two countries are El Salvador and the Central African Republic.
However, the International Monetary Fund (IMF) has advised caution in using cryptocurrencies. They said there is no need to ban arbitrary digital currencies or cryptocurrencies, but rather regulate their transactions.
In a recent discussion organized by the National Council of Applied Economic Research (NCAIR), IMF Deputy Managing Director Gita Gopinath said, "Instead of issuing sanctions, international policies should be formulated keeping in mind the growing demand for virtual assets around the world." He also said that developing countries can benefit financially by regulating the use of cryptocurrencies.
At the same time, the central banks of many countries are thinking about the rationale of releasing digital currency into the market. Some countries have made quite a bit of progress. Sweden and China—one an advanced economy, the other at the top of emerging economies—have launched digital currency pilots. In 2020, the Central Bank of the Bahamas launched their digital currency, the Sand Dollar, a world first. India has also decided to introduce a digital currency.
