American multinational fast food chain McDonald’s has started accepting payments in Bitcoin and Tether in the Swiss city of Lugana, populated by about 63,000 people. The announcement comes in a tweet by Bitcoin Magazine on October 3rd. And it posted a video of a customer ordering food using the McDonald’s kiosk and paying for it using a mobile wallet app. The credit card machine used to scan the QR code to proceed to payment was labeled Bitcoin and Tether.
While low cryptocurrency prices have shaken the spirits of many, cryptocurrency adoption, on the other hand, continues to gain ground, undermining the market’s bearish trends. Like El Salvador’s move to legalize Bitcoin, it’s the Swiss city of Lugana, based on Italian-speaking residents, to become the latest point of cryptocurrency adoption in Western Europe.
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The latest development is part of the city’s vision to transform the financial infrastructure into a digital ecosystem. Therefore, the city of Lugana signed a memorandum of understanding with the stablecoin issuer Tether on March 3. The collaboration resulted in a joint Foundation Plan B. And it aims to speed up the process of enabling Bitcoin and USDT payments for goods, taxes and services in the city of Lugana. .
McDonald’s among other companies to support BTC and USDT payments
The Tether has closed two funds of $100 million and $3 million to support Plan B. The funds will provide investment opportunities to startups and drive crypto adoption by merchants and stores across been
In addition, the Plan B Foundation has partnered with Go Crypto, a point-of-sale solution that will establish the channels for residents to use Bitcoin and Tether in their daily activities with the aim of expanding crypto growth in the regime.
Speaking about McDonald’s initiative to incorporate Bitcoin and Tether payments, Paolo Ardoino, CTO of Tether, added;
Earlier this year, Lugano and Tether signed a memorandum of understanding to launch a strategic collaboration through various initiatives, including helping local businesses integrate their existing payment services with Bitcoin and stablecoins. We’ve been working together to ensure the technology infrastructure is in place to support it, and today we see all that hard work come to fruition.
By the end of 2022, the foundation expects to include around 2500 new businesses and merchants in the lightning network. It will allow Lugana residents to use Bitcoin, Tether and LVGA in payments.
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Notably, the fast food chain has already started accepting Bitcoin payments in El Salvador, a nation that legalized Bitcoin in September 2021. People in El Salvador use Bitcoin to order their burgers. McDonald’s customers in the state can also order food online and through delivery apps to any of the chain’s 19 locations in the state.
Featured image from Pixabay and chart from TradingView.com
