Cannes Joins the Cryptocurrency Adoption Trend
The French city of Cannes, famous for its Film Festival, is preparing to accept cryptocurrency payments in its shops this summer. According to Artem Shaginyan, founder of Lunu Pay, the municipal government of Cannes aims to attract high-income customers by modernizing the city's commercial payment ecosystem.
What does this mean?
- Mass adoption: The city of Cannes seeks a 90% adoption rate among local merchants.
- Demonstration of cryptocurrency utility: The acceptance of cryptocurrencies in a popular tourist city like Cannes shows that cryptocurrencies can function in everyday environments.
Other cities and governments are joining the trend
- Lugano, Switzerland: The Swiss city began accepting payments in Bitcoin and stablecoins for taxes and municipal fees in December 2023.
- Colorado, USA: The state of Colorado started accepting tax payments in cryptocurrencies in September 2022.
- Vancouver, Canada: The Canadian city approved a motion to become a "Bitcoin-friendly city" and explore the integration of BTC into its financial system.
- Panama City: The capital city of Panama announced that taxes and municipal fees can be paid in cryptocurrencies, including Bitcoin, Ether, and stablecoins.
What's next?
- More cities and governments will adopt cryptocurrencies: The trend of cryptocurrency adoption by municipal, state, and federal governments will continue to grow.
- Greater global recognition: The adoption of cryptocurrencies may attract more investment and global recognition for the cities and governments that adopt them.