In the 63,000-person city of Lugana in Switzerland, the American international fast food giant McDonald’s has begun to accept payments in Bitcoin and Tether. On October 3, Bitcoin magazine tweeted the announcement. Additionally, it published a video showing a consumer placing an order at a McDonald’s kiosk and paying for it with a smartphone app for a digital wallet. Tether and Bitcoin were marked on the credit card reader that was used to scan the QR code and proceed with the transaction.
Although the low pricing of cryptocurrencies have dampened many people’s spirits, adoption of cryptocurrencies is still growing and undercutting downward market trends. Based on its citizens who speak Italian, the Swiss city of Lugana is set to become the newest hotspot for cryptocurrency acceptance in Western Europe, similar to El Salvador’s decision to make Bitcoin legal cash.
The most recent construction is a part of the city’s strategy to create a digital ecosystem through transforming the financial infrastructure. As a result, on March 3, the city of Lugana and Tether, the stablecoin’s issuer, signed a memorandum of agreement. The partnership produced a shared Foundation Plan B. Additionally, it seeks to hasten the process of making it possible to pay with Bitcoin and USDT in Lugana city for products, taxes, and services.
McDonald’s and other businesses will support payments in BTC and USDT
Two monies totaling $100 million and $3 million have been settled by the Tether for supporting Plan B. The funds will provide companies access to investment options and encourage businesses and stores around the state to accept cryptocurrencies.
In order to promote the growth of cryptocurrencies in the system, the Plan B Foundation has also teamed with Go Crypto, a point-of-sale system that will establish the channels for the citizens to utilize Bitcoin and Tether in their everyday activities.
Paolo Ardoino, the CTO of Tether, stated the following in response to McDonald’s decision to accept Bitcoin and Tether payments:
Lugano and Tether signed a letter of understanding earlier this year to begin a strategic partnership through a number of activities, including aiding local companies in integrating their current payment systems with the authorized stablecoins and Bitcoin. Together, we have been putting the necessary technological foundation in place, and today, we see the results of all of our efforts.
The foundation anticipates adding about 2500 additional companies and merchants to the lightning network by the end of 2022. Residents of Lugana will be able to make payments using LVGA, Tether, and Bitcoin.
In El Salvador, which recognized Bitcoin as legal cash in September 2021, the fast food restaurant has notably already begun taking Bitcoin payments. Burger orders in El Salvador are made using Bitcoin. Customers of McDonald’s in the state can also place meal orders online and through delivery applications that are directed to any of the 19 McDonald’s restaurants in the state.
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