Cannes to become the first major tourist destination to accept digital currencies
Majority of the city’s merchants expected to start accepting crypto payments by summer
Cities around the world are already piloting or implementing crypto payment systems
Benefits of Web3 payments include lower transaction fees, increased security, and faster settlement times
Cannes’ Crypto Revolution
Merchants in Cannes, known for its stunning beaches, luxurious hotels, and world-class events, will be able to accept a range of cryptocurrencies, including Bitcoin, Ethereum, and stablecoins like USDT and USDC.
According to Artem Shaginyan, founder and head of strategy at Web3 payment company Lunu Pay, the city’s aim is to achieve a 90% adoption rate among local merchants.
Why Crypto Payments Are a Game-Changer for Cannes
The adoption of Web3 payments in Cannes will not only improve the shopping experience for tourists but will also make the city more attractive to businesses looking to invest in the digital economy.
As Shaginyan points out, the city’s decision is a significant signal that cryptocurrency payments are no longer just a niche phenomenon but are now becoming a mainstream reality.
Global Trend: Cities Embracing Crypto Payments
Cannes is not alone in embracing Web3 payments. Several cities around the world are already piloting or implementing crypto payment systems.
For instance, the Swiss city of Lugano started accepting Bitcoin and stablecoin payments for taxes and municipal fees in December 2023, as part of its initiative to become a global crypto hub.
Colorado and Panama Lead the Way
In the United States, Colorado became the first state to start accepting crypto tax payments in September 2022, following a directive from Governor Jared Polis.
Similarly, the Panamanian capital city recently announced that taxes and municipal fees could now be paid in a range of cryptocurrencies, including Bitcoin, Ethereum, and stablecoins.
The Rise of Web3 Payments
While some may view the adoption of Web3 payments as a niche trend, the reality is that it is becoming an increasingly mainstream phenomenon.
As cities around the world begin to adopt these payment systems, it is clear that Web3 is no longer just a concept but a reality that is transforming the way we live and work.
