Italian high-end fashion house Gucci has begun accepting cryptocurrencies in some US stores in multiple tokens with plans to extend the service across North America.
The brand says that it will exchange the crypto received for fiat currency with the supported assets being ether, bitcoin cash, dogecoin, and Shiba Inu, among other assets.
The stores included in the plan are Wooster Street in New York and Las Vegas and Rodeo Drive in Los Angeles.
The crypto payments will be implemented using an email link sent to the customers with a QR code to be used in a digital wallet.
Previous efforts to accept payment for luxury goods in the US have reportedly failed due to concerns around money laundering and taxation.
Attempts by the Electric Vehicle manufacturer Tesla to allow bitcoin payments for its cars encountered high taxes in exchanging the cryptocurrencies. Other Jurisdictions like Thailand have also blocked attempts for crypto payments in real estate.
Source: VOGUE BUSINESS