With a population of 63,000 people, the small municipality of Lugano is based in Switzerland’s Italian-speaking region. These days, it’s showing high rates of crypto adoption, making it a hotspot for crypto proponents. One of the first businesses to participate in the town’s efforts is McDonald’s. The global fast food franchise started accepting Bitcoin as payment, and crypto proponents couldn’t be happier.
On October 3, Bitcoin Magazine uploaded a cool video of placing an order at the McDonald’s kiosk and paying for the meal at the cash register using a crypto wallet application. Besides Bitcoin, the restaurant is also accepting Tether. This comes after the city announced that it would be accepting cryptocurrencies like Bitcoin, Tether, and LVGA back in March.
Lugano Signs Memorandum with Tether
While it looks easy enough for McDonald’s to start accepting crypto payments, businesses only stepped up after Lugano signed a memorandum with Tether’s main company. This launched what was later titled as Plan B. it involves Tether creating two funds. One is an investment pool for crypto startups worth $106 million, and the other is a $3 million fund to boost the adoption of cryptocurrencies by businesses and stores in the city.
The collaboration was intended to show how blockchain could have real-world uses and benefits. Specifically, Tether is looking to address issues of scalability by implementing the Lighting Network. This is a second layer on top of the Bitcoin blockchain to prevent issues as more and more users make transactions.
Lugano Residents Can Now Pay Taxes and Buy Products with Crypto
The large-scale project will allow crypto holders to pay their taxes in cryptocurrency and will extend payments for public services, tuition, and parking tickets. Moreover, residents will soon be able to purchase goods and services using Bitcoin or Tether. They can choose from 200 businesses and stores in the city to spend their cryptocurrency. Besides Lugano, other areas in Switzerland that accept tax payments in crypto include Zermatt and Zug.
In June, Tether and Bitfinex CTO, Paolo Ardoino stated that Plan B is working out quite well. He also announced educational programs on cryptocurrencies and blockchain that took place in the city. While Lugano is speeding up crypto adoption, it isn’t the first to do so. In fact, El Salvador is the first country to start using Bitcoin as a legal tender in 2021. Moreover, McDonald’s accepts Bitcoin payments at all its outlets in El Salvador.
Major Brands and Companies Starting That Accept Crypto Payments
While more businesses are taking the leap and finally accepting crypto payments, some companies have been doing so for a long time. Some of the most popular ones include Starbucks, Microsoft, and Whole Foods.