December 5, 2022

The Italian luxury brand plans to expand the payment mechanism across North America.

Source: Coindesk.com
Source: Coindesk.com

Gucci is now accepting crypto at a handful of stores in the U.S., according to a report in Vogue Business.

Gucci has rolled out the crypto payment mechanism at its flagship stores in the U.S., including Rodeo Drive in Los Angeles, Wooster Street in New York and in Las Vegas, with plans to expand the service to its directly operated North America stores in the near future.

Various digital assets will be accepted including bitcoin, bitcoin cash, ether, wrapped bitcoin, dogecoin, shiba inu and certain kinds of stablecoins.

Gucci will convert the crypto into fiat currency, the report said.

Various attempts to sell high-value items for crypto have failed because of money-laundering concerns and tax implications for U.S. residents.

Tesla’s (TSLA) attempt to sell its cars in bitcoin (BTC, -5.33%) flopped and was quickly cancelled, because of the tax hit U.S. residents would incur when they liquidated their crypto, along with the overhead cost of anti-money laundering disclosures required.

Payment by crypto was once accepted by developers in Thailand for real estate, but was banned in March after local authorities raised concerns about the potential for money laundering.