Almost all stores in Cannes, France, will accept payments with altcoins and other crypto by the summer of 2025.
Major Transformation of the City of Cannes Payment System
The city of Cannes in France is taking progressive steps in the digital economy ecosystem by targeting 90% of merchants to accept crypto payments before the Cannes Film Festival 2024. This initiative is designed to enhance the ease of digital transactions and offer inclusive payment options for industry players and high-profile tourists, in line with global cryptocurrency adoption trends. The recognition from the city government of Bitcoin, Ethereum, USDC, and USDT signifies a real push for the local economy's transition to a blockchain-based payment system.
Current Facts: 90% Merchant Target, Technical Support, and Market Implications
At the beginning of this year, the Cannes government announced a strategic collaboration with Lunu Pay to accelerate the integration of crypto payments across the merchant network. Artem Shaginyan, CEO of Lunu Pay, described this policy as a "big signal" for the integration of crypto in casual trading (CoinDesk, 2024). No less than 90% of merchants are targeted to be ready to accept Bitcoin, which as of May 20, 2024, is priced around USD 67,800, Ethereum at USD 3,200, while stablecoins like USDT and USDC maintain values close to USD 1 per token (Reuters Crypto Price Data, 2024). This acceleration follows the achievements of the city of Lugano in Switzerland and Panama City, which have enabled tax and fee payments via crypto. Global altcoin adoption statistics per Bloomberg Intelligence show that merchant transaction growth has increased by more than 200% in cities that have adopted digital payments.
Strategic Significance: City Competitiveness & Global Altcoin Adoption Trends
The transformation of Cannes is not just about technological innovation, but also a reaffirmation of the city's position as a pioneer smart city in the hospitality sector and business agglomeration. Cannes targets the international market, supports investor confidence, and creates an efficient transaction experience verified by blockchain. This initiative is deemed important as it enhances the local economic competitiveness amid global destination competition, while also reducing dependence on traditional payment systems. Successful references from Lugano and Panama City illustrate the drive for altcoin adoption at the city level as a major trend in urban digital economic development. The implementation of this payment system also opens broader opportunities for the fintech realm, while eliminating cross-border payment barriers that often hinder the high-end creative and tourism industries.
