Merchants in Cannes will start accepting cryptocurrency payments by summer 2023, aiming for 90% adoption among local businesses. This initiative, led by Mayor David Lisnard and Web3 firm Lunu Pay, is part of a broader trend among cities worldwide embracing crypto to enhance their payment systems and remain competitive.
Merchants in Cannes, France, are gearing up to accept cryptocurrency payments by the summer of this year. This shift coincides with the renowned Cannes Film Festival, with local businesses aiming to attract affluent clientele while embracing modern payment methods. Artem Shaginyan, the founder and chief strategist at the Web3 payment firm Lunu Pay, stated that the city’s government targets a 90% adoption rate among its merchants to promote this initiative.
Shaginyan emphasised the significance of Cannes adopting crypto on such a large scale. He noted, “This is a big signal. When a city like Cannes, known globally for culture and commerce, starts integrating crypto at scale, it shows that Web3 payments aren’t just a niche thing anymore.” He explained that this move would demonstrate that cryptocurrency can function seamlessly in daily transactions, beyond just online environments or theoretical discussions.
The push for cryptocurrency in Cannes was partly initiated by Mayor David Lisnard, who announced training sessions for local business owners. This effort aims to enhance the understanding and acceptance of cryptocurrency payments throughout the city, paving the way for a more modern economic landscape.
Cannes’ initiative reflects a broader movement towards crypto adoption by various government levels. Cities and states are increasingly recognising the need to stay competitive by integrating cryptocurrencies into their financial frameworks. Notably, Panama’s capital has also begun accepting crypto for taxes and municipal fees.
In December 2023, Lugano, a city in Switzerland, introduced Bitcoin and stablecoin payments for taxes, marking its ambition to establish a global crypto hub. Further afield, Colorado’s Governor Jared Polis instructed the state’s Department of Revenue to enable cryptocurrency tax payments, which commenced in September 2022.
Entering 2024, Vancouver took steps toward becoming a ‘Bitcoin-friendly city,’ exploring ways to integrate BTC into its financial system, and even discussing a potential Bitcoin treasury strategy. Just last month, Panama City embraced the move to accept cryptos, like Bitcoin and Ethereum, for taxes and fees, reinforcing their commitment to modernisation and attracting global investment.
As these initiatives gain momentum, the focus on cryptocurrency acceptance illustrates a slowly evolving global landscape trying to keep pace with technological advancements, all while aiming for increased investment and city recognitions in an increasingly digital financial world.
