Ferrari is set to extend its cryptocurrency payment system to its European dealer network starting at the end of July. This move follows the successful launch of the system in the United States less than a year ago, aimed at helping dealers better meet the evolving needs of their clients.
By the end of 2024, Ferrari plans to expand cryptocurrency transactions to other countries within its international dealer network, where cryptocurrencies are legally accepted.
To ensure transaction security, Ferrari is partnering with various companies specialising in cryptocurrency payments. These solutions will allow dealers to accept payments without directly handling cryptocurrencies, as they will be immediately converted into traditional currency. Additionally, these solutions will verify the source of funds and protect transactions from price fluctuations related to exchange rates.
Currently, most of Ferrari’s European dealers have either adopted or are in the process of adopting this new payment system, which complements traditional payment methods.
Australian Government’s Stance on Cryptocurrency Payments
The Australian government has been actively working on regulating the cryptocurrency sector to protect consumers and ensure market integrity. Cryptocurrencies are legal in Australia and are treated as property, meaning they can be traded, spent, received, and stored legally. However, they are not considered legal tender under the Currency Act 1965.
In recent years, the government has introduced several reforms aimed at regulating digital payments and cryptocurrencies. These reforms are designed to protect investors and consumers from the risks associated with the volatile and largely unregulated cryptocurrency market. For instance, the government has clarified that cryptocurrencies are subject to capital gains tax (CGT) when used as an investment asset.
The Australian government is also focused on ensuring that the regulatory framework keeps pace with technological advancements while not stifling innovation.
This balanced approach aims to provide a secure environment for cryptocurrency transactions while fostering growth in the fintech sector.
