July 13, 2024


The Legal System

McDonald’s Starts Accepting Crypto Payments in Switzerland

McDonald’s Starts Accepting Crypto Payments in Switzerland

McDonald’s fast-food chain has started accepting payments in cryptocurrency in the 63,000-populated Swiss city of Lugano, Switzerland’s ninth-largest city in the Italian-speaking canton of Ticino. McDonald’s is one of the first companies to participate in the crypto-friendly experiment in Lugano, which is becoming a hotspot for crypto adoption in Western Europe.

“Plan ₿ Foundation, a joint initiative between the City of Lugano and Tether, the technology company supporting the blockchain-enabled platform that powers the largest stablecoin by market capitalisation (USD₮) announced today a collaboration with GoCrypto to officially bring Bitcoin, Tether and LVGA payments to the city of Lugano,” Tether’s official statement notes.

Bitcoin Magazine shared a short video on Twitter that shows how McDonald’s customers can order a meal or drink using a digital self-service kiosk, get a receipt, and then pay for their order in cryptocurrency at a regular register via a mobile app.

Customers at the restaurants in Lugano can pay with Bitcoin, Tether (USDT), and LVGA tokens, the official local payment tokens of the City of Lugano. These cryptocurrencies were recognized as “de facto” legal tender in Lugano in March 2022.

Earlier this year, the city signed a Memorandum of Understanding with Tether Operations Limited, launching the so-called “Plan ₿.” According to this plan, Tether has created two funds, one aimed at startups and another meant to encourage firms and businesses across the city to adopt cryptocurrency.

The city now aims for fully crypto use in payments for parking tickets, all public services, utilities, student tuition fees, payments for taxes, etc.

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Switzerland is the second country where Bitcoin will be accepted as a means of payment. In September 2021, El Salvador became the first country in the world to allow Bitcoin as legal tender.