The Italian-speaking Swiss City of Lugano announced the launch of Crypto payment solutions. Effective from March 2022, the Crypto owners in the city can pay for public utility bills with Bitcoin, LVGA, or Tether (USDT) tokens.
The McDonald’s franchise in Lugano has followed suit, and its clientele can pay for their orders with Crypto. Two hundred businesses are already accepting Digital Currencies in the city as the residents transition away from traditional cash solutions.
Introducing a Point of Sale Crypto
According to local restaurant reviews, the point-of-sale cash register supports Bitcoin (BTC) and Tether (USDT). Users can pay directly to cash by scanning the QR codes on their phones, and the transaction is in real-time.
McDonald’s focuses on Crypto users in the city of 63,000 to enable the enterprise to test the efficiency of a Crypto point of sale infrastructure. Successful operationalization will give the food the confidence to roll out the project in other regions.
McDonald’s diners can download a wallet on their smartphones and ensure that the digital currencies in their accounts are sufficient.
Europe is Crypto-Friendly
In Western Europe, the role of Crypto in the financial space is gaining traction. With the election of Prime Minister Liz Truss in the UK, governments around the world are likely to roll out Crypto friendly policies to promote the adoption of Crypto.
On the other hand, regulators such as the US Securities and Exchange Commission (SEC) are devising new regulations. They aim to mitigate inherent Crypto risks to protect investors from market shocks and rogue Crypto Asset Services Providers (CASPs). For instance, the agency prohibits Crypto touting to cushion the market from manipulators.
Regarding the city of Lugano, the locals are allowed to pay taxes in BTC, LVGA, or USDT. Further, the project will support Crypto payment for city services such as public utilities, parking tickets, and school fees for children.
The City is Supporting Businesses to Accept Crypto
Cryptocurrencies and Blockchain technology are nascent innovations that few business managers understand. Additionally, BTC is a long-term financial asset, and most holders prefer not to pay for goods and services with the Crypto. However, McDonald’s and the City of Lugano also support payments in USDT, which is ideal for commercial transactions.
Tether has set aside special funds to support USDT adoption. The first round of funding is a US$106 million venture, and the second round is for $3 million. The pool of resources will enable startups to innovate solutions that enable enterprises to accept Crypto payments.
Although the fear and greed index is low at 24/100 because of the bearish cycle, the analysis predicts a rally in 2023 on the reversal of the interest rate hikes.