In a bold move to modernize its commercial landscape, Cannes, the sun-kissed city renowned for its prestigious film festival, is set to welcome cryptocurrency payments in numerous local shops by the summer of this year. This initiative aims to attract high-net-worth tourists seeking convenient payment solutions as they indulge in the vibrant shopping scene along the famous Rue d’Antibes.
Artem Shaginyan, founder and head of strategy at the Web3 payment company Lunu Pay, stated that the city’s government is targeting a remarkable 90% adoption rate among local merchants. He emphasized that, “This is a big signal. When a city like Cannes, known globally for culture and commerce, starts integrating crypto at scale, it shows that Web3 payments aren’t just a niche thing anymore.” This statement highlights the potential for cryptocurrencies to become a routine part of everyday transactions, moving beyond the theoretical realm into practical use.
Additionally, Cannes Mayor David Lisnard has announced training sessions for local business owners to facilitate easy onboarding into the crypto payment ecosystem. These efforts reflect a broader trend of increasing cryptocurrency acceptance worldwide, positioning cities like Cannes as leaders in the global push towards a digital economy.
Furthermore, this trend is not limited to France. Recently, the Swiss city of Lugano began accepting Bitcoin and stablecoins for municipal fees, aiming to establish itself as a leading crypto hub. Similarly, the US state of Colorado has enabled tax payments in cryptocurrency, alongside Vancouver’s ambitious move to become a “Bitcoin-friendly city.” Remarkably, Panama City has jumped on the bandwagon by integrating crypto for tax payments, suggesting a global recognition of cryptocurrency’s growing relevance in financial systems.
While some critics argue that digital currencies can lead to potential market volatility, the increasing adoption indicates a shift in mainstream acceptance. Cities around the world are recognizing that integrating these payment methods can enhance their fiscal competitiveness while attracting investment and tourism. As Cannes prepares to roll out this new payment option, many will be watching closely to gauge the success of such initiatives in enhancing local commerce. With a thriving cultural scene and now, a forward-thinking approach to payment solutions, Cannes is not just a festival city anymore; it’s transforming into a modern crypto commerce hub.
