Customers will have the option to pay using several popular cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
This new payment method will be introduced later this month in some of Gucci's flagship stores, such as the Rodeo Drive location in Los Angeles and the Wooster Street store in New York City.
Gucci, which is owned by France's Kering group, is joining a growing list of companies adopting virtual currencies for transactions.
In addition to Bitcoin, Ethereum, and Litecoin, the company will also accept payments in Shiba Inu and Dogecoin, a "meme" cryptocurrency that was originally created as a joke.
The move to accept cryptocurrencies comes as businesses continue to explore digital currencies and their potential impact on commerce. The growing acceptance of crypto has led to increased discussions about regulation and the role digital currencies could play in future economies.
Customers who choose to pay with cryptocurrency in-store will receive an email with a QR code, which they can scan using a digital wallet app on their mobile device. These QR codes are the black-and-white, barcode-like squares that can be read by smartphones, and have become widely used, particularly since the COVID-19 pandemic began.
Gucci has indicated that it plans to roll out this payment option at all of its directly-operated stores across North America in the near future.
The announcement from Gucci is a significant milestone for cryptocurrency, as it highlights the growing trend of mainstream businesses embracing digital payment methods. The luxury brand is following in the footsteps of other major companies that have already integrated cryptocurrencies into their payment systems, such as Microsoft, AT&T, and Starbucks.
Over the past year, Bitcoin has also gained additional prominence, with two countries—El Salvador and the Central African Republic—designating it as legal tender. Despite this, international financial institutions, including the International Monetary Fund, have expressed concerns about the implications of such decisions.
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