Cannes Introduces Cryptocurrency Payments Citywide by 2025

Cannes Introduces Cryptocurrency Payments Citywide by 2025

Cannes, a renowned city in France, is set to begin accepting cryptocurrency payments citywide by summer 2025, a move spearheaded by Web3 firm Lunu Pay.

Cannes aims to modernize its payment infrastructure, attracting affluent crypto holders and potentially increasing local commerce transactions significantly.

The Move Towards a Crypto-Friendly Economy

The city of Cannes has embarked on a plan to integrate cryptocurrency payments by 2025. Mayor David Lisnard supports this initiative aiming for extensive adoption among local merchants by 2025. Mayor Lisnard announced that specialized workshops will educate business owners on cryptocurrency systems. Artem Shaginyan, founder of Lunu Pay, leads the technical deployment to facilitate these efforts effectively.

Implementation and Impact

Local merchants will soon accept cryptocurrencies, including Bitcoin and Ethereum, enhancing payment options and potentially boosting local commerce.

“This move represents a significant shift in how cryptocurrencies are perceived, transitioning from a niche technology to a mainstream payment method,”

remarked Artem Shaginyan, Founder and Head of Strategy at Lunu Pay. Attracting high-net-worth crypto holders becomes a focal strategy for this initiative, with implications for increased tourist transactions. Cannes’ new payment infrastructure is positioned as a modern, tech-friendly destination for tourists and businesses. The ambitious crypto integration reflects a vital shift in commercial strategies. It marks a new era of technological advancement, with potential implications for other cities contemplating similar plans. Modernizing Cannes’ financial systems may set a precedent across Europe.

The plan encourages cities globally to consider digital currency as a viable payment option. The transition may stimulate policy developments in cryptocurrency regulation, reflecting a growing acceptance of digital assets in commerce. Drawing on trends, this move might lead to an increase in digital economy-focused policies. Investment in such technologies could drive innovation across municipals, enabling crypto’s expansion into daily transactions.