Gucci to Accept Crypto in Some US Retail Stores: Report

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

AccessTimeIconMay 5, 2022 at 5:33 a.m. UTC
Updated May 5, 2022 at 2:23 p.m. UTC

Are you long crypto but short shoes? 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 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.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
First Mover Asia: Remember ICOs? You Would Have Made a Fortune if You HODLed; Bitcoin Slogs Toward $20K

Investors who purchased a breadbasket of blue chip coin offerings about five years ago would have generated an 819% return, even with the current bear market; most cryptos fell in Tuesday trading.

CoinDesk - Unknown
2
CoinDesk - Unknown
Compass Mining Seen Losing Maine Facility After Failing to Pay Power Bill

The most valuable crypto stories for Tuesday, June 28, 2022.

CoinDesk - Unknown
3
CoinDesk - Unknown
Crypto Jobs: Who’s Cutting and Hiring?

A running reckoning to layoffs and hirings in the cryptocurrency/blockchain industry.

CoinDesk - Unknown
4
CoinDesk - Unknown
Governments May Restrict Foreign Access to Their CBDCs, Riksbank Official Says

Not all countries “play nicely” with each other, complicating how central bank digital currencies will interact with other payment systems, said Cecilia Skingsley, first deputy governor at the Swedish central bank.

CoinDesk - Unknown