Most retailers in Cannes to simply accept crypto by summer time this yr — Web3 exec

Retailers in Cannes, France, the positioning of the worldwide Cannes Movie Competition, are set to start accepting crypto funds by summer time this yr in an effort to draw clientele with excessive disposable earnings by modernizing the town’s industrial cost ecosystem.

In accordance with Artem Shaginyan, founder and head of technique of Web3 cost firm Lunu Pay, the Cannes municipal authorities is aiming for a 90% adoption fee amongst native retailers. The manager additionally instructed Cointelegraph:

“This can be a huge sign. When a metropolis like Cannes, identified globally for tradition and commerce, begins integrating crypto at scale, it exhibits that Web3 funds aren’t only a area of interest factor anymore. It’s about proving that crypto can work in on a regular basis settings, not simply on-line or in principle.”

In February, Cannes Mayor David Lisnard introduced a crypto cost integration coaching session for enterprise homeowners and professionals to advertise the widespread acceptance of crypto funds within the metropolis.

Canne’s shift towards embracing cryptocurrencies displays the broader pattern of crypto adoption by metropolis, state, and federal governments as these establishments search to stay aggressive on the worldwide stage.

Associated: Panama’s capital to simply accept crypto for taxes, municipal charges

Forward of the curve? Different jurisdictions modernize with crypto

In December 2023, the Swiss metropolis of Lugano began accepting Bitcoin (BTC) and stablecoin funds for taxes and municipal charges as a part of the town’s broader initiative to change into a worldwide crypto hub.

Governor Jared Polis of the US state of Colorado directed the state’s Division of Income to start accepting crypto tax funds in September 2022.

The Canadian metropolis of Vancouver handed a movement in December 2024 to make the jurisdiction a “Bitcoin-friendly metropolis” by exploring integrating BTC into the town’s monetary system and probably adopting a Bitcoin treasury technique.