McDonald’s Starts Accepting Bitcoin and Tether in Lugano, Switzerland
Plan ₿ Foundation, a joint initiative between the Swiss City of Lugano and USDT stablecoin issuer Tether, announced a collaboration with payment facilitator GoCrypto to officially bring Bitcoin (BTC), Tether (USDT), and LVGA payments to Lugano – enabling citizens to use their wallets at McDonald's and other merchants.
Per a press release shared with Cryptonews.com, as of Tuesday,
“GoCrypto payments will be available at nearly a dozen merchants throughout the city, including McDonalds, art galleries, and more.”
Users can utilize their wallets at these places to pay with the Bitcoin Lightning Network, USDT, and local payment token LVGA, while the city will work to bring in more businesses over the next 25 days, said the announcement.
By the end of 2023, the Plan ₿ Foundation aims to enable more than 2,500 merchants to accept these three currencies.
In the meantime, they expect to service over 2,000 customers at the upcoming Plan ₿ Forum, a bitcoin conference that will be held on October 28-29 in Lugano.
A short video was shared on Twitter, showing a person ordering food on a McDonald’s digital kiosk and paying for the order in BTC at the register with a mobile app.
Paolo Ardoino, Tether’s Chief Technology Officer (CTO), was quoted in the latest announcement as saying that Lugano and Tether signed a memorandum of understanding earlier this year to launch “a strategic collaboration through several initiatives.” This includes helping local businesses to integrate their existing payment services with “the permitted stablecoins and Bitcoin.”
Ardoino stated that,
“We have been working together to ensure the technological infrastructure is in place to support this and today we watch all of that hard work come to fruition.”
Back in March, as reported, Ardoino said during an event hosted by Lugano city officials that Bitcoin and Tether would become “de facto legal tender” in the southern Swiss city as it partners with Tether to become the “Bitcoin Capital of Europe.”
Some of the products and services highlighted at the time, which citizens would be able to pay for with crypto, include all public services, personal and corporate municipal taxes, ID and passport issuance fees, naturalization fees, tuition fees at public schools, and rent for event spaces.
USDT and LVGA would be used on the Polygon (MATIC) blockchain, while the Lightning Network is expected to play a key role in Bitcoin adoption, the CTO added.
Additionally, two funds have been set up: an investment pool for crypto startups and a fund to encourage adoption among businesses in the city.
Plan ₿’s goal is to scale Bitcoin and stablecoin adoption throughout Lugano and “accelerate the use of and leverage Bitcoin technology as the foundation to transform the city’s financial infrastructure,” said the latest announcement, adding:
“From small transactions with local merchants to larger efforts – such as paying annual taxes – blockchain will serve as the foundation for the city’s financial exchanges.”
Meanwhile, Tether revealed new details about its holdings of reserve assets on Monday. Ardoino said in a tweet that 58.1% of the assets backing up the popular USDT stablecoin are now US Treasuries, also known as t-bills.
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