McDonald''s, a multinational fast food business, has reportedly begun accepting Bitcoin and asset-backed stablecoin, Tether, as payment in Lugano, Switzerland, as part of a cryptocurrency-friendly experiment in the Italian province in March 2022. Furthermore, with Tether''s'' help, the Italian-speaking city is poised to become a major blockchain hub.
Bitcoin Magazine posted a one-minute video of ordering food on McDonald''s digital kiosk and then paying it on their regular register with the help of a mobile app. Along with this, the Tether logo was also seen alongside the Bitcoin symbol on the credit cash machine. It is understood that Tether is working with GoCrypto to facilitate cryptocurrency payments in the city.
Paying at McDonald''s with #Bitcoin in Lugano, Switzerland. pic.twitter.com/8IdcupEEKQ
"Earlier this year, Lugano and Tether agreed to initiate a strategic collaboration through several initiatives, including to assist local businesses integrate their existing payment services with the permitted stablecoins and Bitcoin," said Paolo Ardoino, the CEO of Tether.
"We have been working together to ensure that the technological infrastructure is in place to support this, and today we are observing all of this hard work come to fruition," Ardoino said.
McDonald''s, a handful of art galleries, and others are among the merchants participating in the initiative.
Along with onboarding merchants, the initiative intends to extend cryptocurrency payments later to include parking tickets, public transportation, and student tuition. Besides, residents of Lugano will be permitted to pay taxes using cryptocurrency.
Tether acquired multimillion-dollar contracts to assist finance blockchain startups in the region, and to collaborate with local universities and research institutions to educate younger generations on cryptocurrency.
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