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McDonald began taking crypto payments in Switzerland

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Indrani bose Follow

INDIA

Oct, 13 2022

Oct, 13 2022

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McDonald began taking?crypto?payments in Switzerland.?It is one of the first businesses to participate in the crypto experiment in the Swiss town of Lugano. 

Customers at a McDonald's can now use Bitcoin and Tether to pay for their products at the communities' merchants in Lugana, a city based in Switzerland with a total population of around 63,000 people. The American-based?multinational fast food leader McDonald has already begun accepting Bitcoin (BTC) as a form of payment as a part of the joint initiative between the City of Lugano and Tether to enhance the use of Bitcoin. The customers have to utilize their BTC wallet to purchase their favorite foods, including burgers and fries. The service uses GoCrypto to enable Bitcoin and USDT crypto payments. 

A video that Bitcoin Magazine shared on social media on Monday, October 3 demonstrated the American-based?multinational fast food leader's adoption of the BTC. The restaurant's digital kiosk was seen in the one-minute movie along with a customer placing an order. The smartphone app was used to pay for the food at the normal register. Payments can be made by citizens using USD?, Bitcoin Lightning, and LVGA. 

The Tether (USDT) emblem was shown on the credit cash register machine next to the Bitcoin symbol, even though the consumer did not pay with cryptocurrency. Previously in March of this year, the city of Lugano had declared that it will recognize Bitcoin, Tether, and the LVGA token as legal money in the region. 

In order to further its exploration of cryptocurrency, it was also mentioned that the city will play host to one of the most significant crypto events in Europe at the end of this month.  

Tether CTO Paolo Ardoino said a memorandum of understanding was signed earlier this year between Tether and Lugano to help local businesses integrate stablecoins and Bitcoin for payments. 

In any case, Lugano is on its way to becoming a region that is receptive to cryptocurrencies. It was once classified as the third major financial hub in Switzerland. It intends to strengthen cryptocurrency payments even further across the city, with a focus on encouraging the usage of BTC and USDT stablecoin. 

Tether believes that more businesses will begin accepting cryptocurrencies within the next month. This joint initiative will make it possible for more than 2500 businesses to take Bitcoin, Tether, and LVGA by the end of 2023. 

According to the report, Lugano city officials are promoting the use of cryptocurrencies by shops and enterprises around the city, and McDonald's is the first one on board to accept cryptocurrency payments in their stores.


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Indrani bose

CBW - External Analyst

INDIA

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