Argentina Updates Crypto Asset Tax Rules

Ferrari has previously started accepting crypto payments for luxury sports cars in the United States. Ferrari will also expand the crypto payment scheme to Europe following demand from wealthy customers.

This was conveyed by Ferrari’s Chief Marketing and Commercial Enrico Galliera to Reuters, quoted from CNBC, Saturday (14/10/2023).

Most blue-chip companies avoid crypto because the volatility of bitcoin and other tokens makes it impractical for trading. Uneven regulation and high energy usage also hinder the spread of crypto as a means of payment.

Before Ferrari, electric carmaker Tesla in 2021 began accepting payments in bitcoin, before CEO Elon Musk stopped it over environmental concerns.

Enrico told Reuters that his company had reduced the carbon footprint of crypto through the introduction of new software and greater use of renewable sources.

“Our target to achieve carbon neutrality by 2030 across the company’s entire chain has been confirmed,” he said.

Ferrari said the decision was taken in response to demand from the market and dealers as many of its clients have invested in crypto.

“Some of them are young investors who are building their wealth through crypto. Others are more traditional investors, who want to diversify their portfolio,” he said.

Meanwhile, a number of cryptos such as ether have improved their energy efficiency, while bitcoin continues to draw criticism for its energy-intensive mining.

Ferrari delivered more than 1,800 cars to the Americas including the United States in the first half of 2023. Galliera did not say how many cars Ferrari expects to sell via crypto.