MILAN, July 24 (Reuters) - Ferrari ( RACE ) said on

Wednesday it would extend its scheme to accept payments in

cryptocurrency for its luxury sports cars to its European

dealers network from the end of this month, after starting in

the United States last year.

The Italian company will also extend the scheme by the end

of 2024 to other dealers of its international network, in

countries where cryptocurrencies are legally accepted, it said

in a statement.

Although the vast majority of blue-chip companies have

steered clear of crypto as the volatility of bitcoin and other

tokens make them impractical for commerce, Ferrari ( RACE ) started last

year to accept payments in cryptocurrency in the U.S., to meet

requests from its wealthy customers.

"The entry into the European market follows the successful

launch of this alternative payment system in the United States

less than a year ago, to support dealers in better addressing

the evolving needs of its clients," the company said.

It added that most of its dealers in the region have already

adopted or are in the process of adopting the new payment

system.

Patchy regulation and high energy usage have also so far

prevented the spread of crypto as a means of payment.

Countries where cryptocurrencies are restricted include

China.

For the launch of its scheme in the U.S. Ferrari ( RACE ) had turned

to one of the biggest cryptocurrency payment processors, BitPay,

and allowed transactions in bitcoin, ether and USDC, one of the

largest so-called stablecoins.

As part of the scheme Bitpay will immediately turn

cryptocurrency payments into traditional currency on behalf of

Ferrari's ( RACE ) dealers, protecting them from price swings, while

excluding fees or surcharges for clients.

Ferrari ( RACE ) on Wednesday did not provide details on whether it

would use other payment processors in Europe and in other

regions.