Mcdonald’s has taken the initiative of accepting the payments in form of cryptocurrency. At the moment the crypto market is continuously in a bearish mode where everything is losing its price and value. Still, one good thing is happening which is increasing cryptocurrency adoption among the brands. This year so many brands have shown interest in cryptocurrency and NFTs regardless of the decreasing price.
Mcdonald’s opened the crypto payment in Switzerland’s city of Lugana with a mediocre population of 63,000. The announcement of this news was made through a Twitter post which included a video of the person giving an order at the store and paying it in the form of crypto from his crypto wallet application on 3rd October. The usual credit card machine was placed there but this time it scanned the QR code to complete the transaction and the payment was labeled with Bitcoin and Tether.
Statement on accepting Bitcoin and Tether payments
On this the CTO of Tether, Paolo Ardoino said
“Lugano and Tether signed a memorandum of understanding earlier this year to begin a strategic partnership through a number of activities, including aiding local companies in combining their current payment services with the authorized stablecoins and Bitcoin. Together, we have been putting the necessary technical foundation in place, and today, we see the results of all of our efforts.”
Ardoino declared during an event arranged by Lugano city officials back in March, that Bitcoin and Tether would become “de facto legal cash” in the southern Swiss city of Lugano as it collaborates with Tether to become the “Bitcoin Capital of Europe”
This initiation of using crypto is a part of the city’s vision to transform the financial infrastructure into a digital ecosystem. The partnership of the city and crypt produced a shared Foundation Plan B. Additionally, it wants to speed up the process of making it possible to pay with Bitcoin and USDT in Lugana city for goods, taxes, and services.
What is this Plan B about Crypto?
The Plan B foundation plans to add about 2500 new companies and merchants to the lightning network by the end of 2022. Where the residents of Lugana will be able to make payments using LVGA, Tether, and Bitcoin.
According to the CTO of Tether, The Polygon (MATIC) blockchain would support USDT and LVGA, and the Lightning Network is anticipated to be crucial in promoting Bitcoin acceptance. According to the press release, users can use their wallets at these locations to pay with the local payment tokens LVGA, USDT, and the Bitcoin Lightning Network while the city works to attract more businesses over the next 25 days.
The press release talked about this Plan B aims to expand the usage of Bitcoin and stablecoins in Lugano and “accelerate the use of and using the Bitcoin technology as the basis to restructure the city’s financial infrastructure. They further added that “Blockchain will be the basis for all financial transactions in the city, from little ones with neighborhood businesses to bigger ones like paying annual taxes.”
At the upcoming Plan B Forum, a bitcoin conference taking place in Lugano on October 28–29, they intend to serve over 2,000 consumers. Two funds worth $100 million and $3 million have been settled by the Tether platform for supporting Plan B of Lugana. The funds will give companies access to investment options and encourage businesses and stores throughout 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 channels for the citizens to use Bitcoin and Tether in their daily activities.
For more content related to cryptocurrency, check-out Suncrypto Academy.
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. All content provided is for informational purposes only, and shall not be relied upon as financial/investment advice. Opinions shared, if any, are only shared for information and education purposes. Although the best efforts have been made to ensure all information is accurate and up to date. Occasionally unintended errors or misprints may occur. We recommend you to please do your own research or consult an expert before making any investment decision. You may write to us at [email protected].