McDonald’s, a multinational fast food chain, has said it will accept Bitcoin as payment in Lugano. Lugano is a city in Switzerland that has a population of 63,000 people. The city is becoming quite a hub for cryptocurrency adoption in Western Europe.
McDonald’s to accept Bitcoin and USDT payments
A video post on Twitter by Bitcoin Magazine on October 3 depicted an order for food on the McDonald’s digital kiosk, after which people paid for the order at a regular register using a mobile application.
In the video, the logo of USDT could be seen alongside the Bitcoin symbol on the cash register machine. However, this move is not surprising, given that Lugano announced plans to accept Bitcoin, USDT, and LVGA tokens as legal tender.
On March 3 this year, Lugano signed a memorandum of understanding with Tether Operations Limited to launch “Plan B.” The plan involves Tether creating two funds. The first $106 million fund is an investment pool for cryptocurrency startups, while the second $3 million fund seeks to encourage the adoption of crypto payments by shops and businesses in Lugano.
The project will also allow residents in Lugano to pay their taxes using cryptocurrencies. The project will make crypto payments possible for parking tickets, tuition fees, and public services.
Over 200 businesses and shops in the city are also expected to accept cryptocurrency payments for goods and services once these assets are accepted as legal tender. In June, the Tether, Paolo Ardoino Chief Technology Officer commended the objectives behind Plan B.
At the time, Ardoino said that Plan B would be great and even announced a two-week educational activity held. The educational course will focus on the city’s blockchain technology and cryptocurrency activities.
Growing adoption of crypto for payments
Cryptocurrencies have become widely used as a means of payment. While there have been legal and regulatory challenges to this, the growing adoption of these assets has made them become widely accepted.
In September last year, El Salvador became the first country to accept Bitcoin as a legal tender. Following this acceptance, Bitcoin would be an endorsed means of payment for goods and services. At the time, McDonald’s said it would also accept Bitcoin at all the 19 outlets based in the country.
However, there have been regulatory hindrances to using Bitcoin as a legal tender. Some regulators have said that cryptocurrencies pose a risk to financial stability. Moreover, after El Salvador passed the Bitcoin law last year, the International Monetary Fund and the World Bank urged the country to revert the decision because of the asset’s volatile nature.
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