Shops in France’s city of Cannes soon will accept cryptocurrency after Mayor David Lisnard announced plans to support crypto payments and educate local businesses.
“We will encourage and, more importantly, train Cannes merchants to integrate cryptocurrencies for payments,” Lisnard said on social media.
Shop owners were invited to a training session on February 4. This session aimed to demystify cryptocurrencies for many merchants who still found them abstract.
The technical, legal, accounting, and tax aspects would be covered “in an educational manner,” said the mayor, with experts presenting the best market solutions to common problems.
Nearly 3,000 shops could be affected, though the initiative was expected primarily to attract high-end boutiques on the Croisette, catering to wealthy international clientele.
“This is not about promoting cryptocurrencies or judging their validity but ensuring that Cannes and its local businesses do not miss out on a potentially lucrative customer base,” explained Lisnard.
Lisnard noted cryptocurrencies “are already widespread in some countries but remain marginal in France.”
The goal, he said, was to help interested merchants “optimise this potential and increase their revenues.”
According to the Mayor, the idea was to position Cannes as a key player in cryptocurrencies as the sector was on the rise.
On December 5, the value of a single bitcoin exceeded $100,000.
However, Jack Pons, president of Cannes Merchants’ Union, expressed scepticism.
“I don’t think we’re missing out on customers given the wide range of cards we already accept,” he said, noting Cannes shops already accepted American Express, JCB, Diners Club, and Revolut.
Pons said these international cards already imposed significant fees on merchants.
The city will host the 8th Ethereum Community Conference (EthCC) from June 30 to July 3, in an attempt to further solidify its role in the cryptocurrency ecosystem.
Cannes planned to provide convention-goers with a list of crypto-friendly shops.
Lisnard’s pro-crypto stance came as he eyes a possible candidacy for France’s presidency.
Top executives at commercial banks do not believe that the digital euro will be easy to implement and are concerned it could significantly destabilise the EU's banking system, according to @Craenbridge, CEO of the @DigitalCAcademy. https://t.co/VWSyfUyMLJ
— Brussels Signal (@brusselssignal) January 24, 2024
