One of the Swiss McDonald’s restaurants starts accepting crypto payments

According to the city’s initiative, the system of accepting payment in digital assets will connect more than 2000 businesses

05.10.2022 - 12:30

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What’s new? A McDonald’s fast-food restaurant in Lugano, Switzerland, began accepting bitcoin and Tether (USDT) stablecoin for payment. This initiative was implemented in accordance with the agreement on the adoption of cryptocurrencies, which the city’s authorities entered into with Tether, the issuer of the stablecoin. According to Blockworks, the Memorandum of Understanding (MoU) was signed earlier this year. According to the document, cryptocurrency payments will integrate more than 2000 businesses in Lugano.

Material by Blockworks

What else is known about the initiative? In addition to retail outlets, Tether wants to extend crypto payments to parking tickets, public services, and student tuition. Residents of Lugano will also be allowed to pay taxes using digital assets.

To support this project, Tether created several funds to finance blockchain startups in the region and collaborate with local universities and research institutes.

Earlier, the CEO of Mastercard payment company Michael Miebach reported a collaboration with crypto exchange Binance, within which more than 90 million stores around the world would be able to integrate crypto payments

According to a June survey by Deloitte, 75% of US retailers plan to start accepting payments in cryptocurrencies or stablecoins within the next two years. More than half of the companies with more than $500 million in revenue spend about $1 million to build the necessary infrastructure for this.

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