Cannes is exploring the acceptance of cryptocurrency payments, as proposed by Mayor David Lisnard, who will provide training for local merchants on February 4. This initiative aims to help around 3,000 businesses, particularly luxury shops, tap into a new customer base. While some merchants express skepticism about additional costs, the mayor emphasizes the revenue potential. Cannes will also host a major Ethereum event in June, further promoting the integration of digital currencies in local commerce.
In Cannes (Alpes-Maritimes), the possibility of making payments with cryptocurrencies is on the horizon, as proposed by Mayor David Lisnard. “We will promote and provide training for local merchants to integrate cryptocurrency payments”, the mayor announced on his social media platforms.
Training for Local Merchants
On February 4, local merchants are invited to attend a training session at the Palais des Festivals, part of an event dedicated to cryptocurrency. While these digital currencies are gaining traction, they remain a mystery to many, including some retailers. The training will cover the technical, legal, accounting, and tax implications “in an educational manner”, as assured by Lisnard. Experts will showcase the best market solutions during this session.
Approximately 3,000 local merchants could benefit from this initiative, particularly upscale shops along the Croisette that cater to a wealthy international clientele. “This isn’t about endorsing cryptocurrencies or questioning their validity, but rather ensuring that Cannes and its businesses don’t miss out on attracting a potentially lucrative customer base”, stated David Lisnard, the Republican mayor of Cannes and leader of the Nouvelle Énergie movement.
Boosting Revenue for Businesses
According to the mayor, who also serves as president of the Association of Mayors of France, cryptocurrencies “are widely accepted in other countries but still remain niche in France”. “Our aim is to enable willing merchants to harness this potential and thus enhance their revenues”, he added. Last summer, merchants in Talence, near Bordeaux, were pioneers in offering cryptocurrency payments through specialized terminals.
However, Jack Pons, president of the Union of Cannes Merchants, expressed some reservations. “I don’t believe we are missing out on clientele, considering the variety of cards we already accept”. Shops in Cannes currently accept international cards like American Express, JCB, and Diners Club, which he claims already incur “significant fees” for merchants.
“We need to be cautious not to let cryptocurrency add to our expenses”, he warns, although he is open to participating in the training day. “We should find a way to consolidate all offers”, suggested Pons, who operates a high-end clothing store.
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Upcoming Ethereum Event
Aside from Bitcoin, various cryptocurrencies have emerged recently. While the euro remains the official currency, the use of cryptocurrencies is not prohibited, even though “these currencies lack legal status or specific regulations in France”, according to the Ministry of Economy and Finance. “Merchants are free to choose whether to accept cryptocurrencies”, it noted, highlighting potential “risks”.
The mayor also mentioned that Cannes will host the largest annual gathering in Europe focused on the Ethereum “blockchain” from June 30 to July 3. This event represents a prime opportunity to kickstart the cryptocurrency initiative in the city. “These are potential clients who are accustomed to making payments with cryptocurrencies and will be visiting our city”, he expressed enthusiastically.
The city plans to create a card listing “crypto-friendly” businesses in the future. “Cannes can leverage these new technologies to attract more visitors and stimulate local commerce”, David Lisnard concluded. In France, the Printemps brand has already adopted cryptocurrency payments, and “Fitness Park” gyms are following suit. This demonstrates that digital currencies are gradually becoming a part of everyday financial transactions.