McDonald’s starts to accept Bitcoin and Tether in Swiss town

Multinational fast food chain McDonald’s began accepting Bitcoin (BTC) as a payment method in the 63,000-population city of Lugano in Italian Switzerland, which is becoming a hotspot for cryptocurrency adoption in Europe western

one minute video Bitcoin Magazine tweeted the Tether (USDT) logo alongside Bitcoin on Monday, October 3rd. symbol at the credit ATM, which is not surprising since in March 2022 the city of Lugano announced that it would accept Bitcoin, Tether and the LVGA token as legal tender.

On March 3, 2022, the city signed a memorandum of understanding with Tether Operations Limited, launching the so-called “Plan B”. Under this plan, Tether has created two funds: the first is a 100 million Swiss franc ($106 million) investment pool for crypto startups, and the second is an attempt at 3 million Swiss francs (around of $3 million) to encourage adoption. of crypto for shops and businesses throughout the city.

In addition to allowing Lugano residents to pay their taxes using crypto, the project will extend payments to parking tickets, utilities and tuition fees for students. More than 200 stores and businesses in the area are also expected to accept crypto payments for goods and services.

Related: Swiss Post’s banking arm is developing an in-house crypto custody platform

Speaking to Cointelegraph in June, Paolo Ardoino, the CTO of Tether and Bitfinex, stated that Plan B is “going very well”, announcing a two-week educational event on blockchain and cryptocurrencies in the city.

In September 2021, El Salvador became the first country in the world to allow the use of Bitcoin as legal tender. McDonald’s has since accepted Bitcoin at all 19 of its outlets in the country.