Gucci to Accept Crypto in Some US Retail Stores: Report
Do you have long crypto, but short shoes? According to a report by In, Gucci accepts crypto in a handful of U.S. stores. Vogue Business.
Gucci has implemented crypto payment at its flagship stores across the U.S. including Rodeo Drive, Los Angeles, Wooster St in New York and Las Vegas. The company plans to expand this service to its North America-operated stores in the near future.
Acceptable digital assets include bitcoin, bitcoin cash and ether.
The report stated that Gucci would convert the crypto to fiat currency.
Many attempts to sell crypto-high-value items have failed due to money laundering concerns and tax implications.
Tesla’s attempt to sell its cars in bitcoin flopped and was quickly canceled, 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.