- The Swiss city of Lugano is embracing crypto payments in collaboration with GoCrypto.
- The initiative is promoted by the Plan ₿ Foundation, whose objective is to increase the use of cryptocurrencies.
McDonald’s and other businesses will start receiving cryptocurrency payments in Lugano starting this week. The initiative is part of the agreement signed between the global payment platform GoCrypto and the Plan ₿ Foundation, created by Tether Limited and the picturesque Swiss city.
Residents of Lugano will now be able to pay for goods and services in Tether (USD₮), Bitcoin (BTC), and LVGA, the city’s official token.
The goal of Plan ₿ is to drive the adoption of BTC and the stablecoin on a large scale throughout the city. Cryptocurrencies will be positively involved in all business sectors and in every facet of daily life for Lugano residents, Tether said.
The foundation seeks to accelerate the use of cryptocurrencies and take advantage of Bitcoin technology to promote the transformation of the financial infrastructure that the city currently has.
Tether CTO Paolo Ardoino explained that at the beginning of the year, a memorandum of understanding was built between Lugano and Tether “to launch a strategic collaboration through several initiatives, including to help local businesses integrate their existing payment services with the permitted stablecoins and Bitcoin.”
He added that both sides have been working to ensure that the necessary technological infrastructure is in place to support the joint projects. “Today we watch all of that hard work come to fruition,” he said.
Payments in Bitcoin Lightning, USD₮ and LVGA
Starting Tuesday, GoCrypto’s payment service will be available at about a dozen merchants in Lugano, including McDonald’s stores, several art galleries, and other commercial establishments.
Residents of the city can make payment operations in Bitcoin Lightning, USD₮, and LVGA, through their wallets. Meanwhile, the authorities in Lugano are promoting the incorporation of other companies into the crypto payment program.
During the next Plan ₿ Forum in Lugano, the city expects to receive more than 2,000 participants. The Bitcoin conference will present several of the most relevant figures in the crypto industry on October 28 and 29.
The goal of the Plan ₿ Foundation is that by the end of next year, some 2,500 businesses in the city will accept payments in Bitcoin, Tether, and LVGA.
On the Flipside
- Tether Limited recently faced serious questions related to the finances behind the largest market cap stablecoin.
- To try to reduce criticism, the company has minimized its commercial paper holdings to less than $50 million.
Why You Should Care
McDonald’s and other big food and clothing chains are tapping into digital finance and the metaverse to try to win over the next generation of shoppers.
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