By Hannah Perez
made the front page of local newspapers.
Fast food giant McDonald’s has begun accepting payments in Bitcoin
(BTC) in El Salvador now that the flagship cryptocurrency has officially become legal tender in the Central American nation.
In a historic day for El Salvador, and for the crypto community worldwide, the Bitcoin Law went into effect this Tuesday, giving the leading digital currency legal tender status in that nation. As we reviewed in DiarioBitcoin, the regulation, which was approved by the National Assembly in June, makes the country the first in the world to adopt Bitcoin
as an official currency.
Shops, businesses and services in the country are now required by law to accept Bitcoin
as a means of payment; although they can exchange the cryptocurrency for U.S. dollars. There are no exceptions, and even McDonald’s is moving for the first time to adopt the digital currency.
McDonald’s now accepts BTC
The fast food restaurant franchise’s locations in El Salvador already accept Bitcoin
payments, according to some users shared via social media.
Journalist for Bitcoin Magazine, Aaron van Wirdum, tweeted images of his first bitcoin
purchase at a McDonald’s in the country on Tuesday.
In his post, van Wirdum related that he didn’t expect to be allowed to pay with cryptocurrency at the restaurant, however, he was surprised when they printed him a ticket with a QR code that took him to a link to pay with the Lightning Network micropayment solution. “And now I’m enjoying my traditional breakfast!
Just walked into a McDonald’s in San Salvador to see if I could pay for my breakfast with bitcoin, tbh fully expecting to be told no.
But low and behold, they printed a ticket with QR that took me to a webpage with Lightning invoice, and now I’m enjoying my traditional breakfast! pic.twitter.com/NYCkMNbv7U
– Aaron van Wirdum (@AaronvanW) September 7, 2021
According to reports, the fast food company integrated OpenNode’ s Lightning payments into its services, allowing its customers to buy food at any McDonald’s in the country with the ease of scanning a QR. It should be noted that Lightning Network is a second-layer solution from Bitcoin that facilitates small transactions of this crypto at low cost.
Julie Landrum, OpenNode‘s chief growth officer, stated in this regard that the initiative represents a great opportunity to demonstrate the power of Lightning Network for everyday purchases at the world’s most popular and successful fast food chain. Bitcoin Magazine quoted the director’s words:
‘We are very excited to be working with McDonald’s to help make the country’s adoption of the Bitcoin Act an operational success. Clearly, another significant milestone on the road to the growth of the Bitcoin economy.
Bitcoin on the front page
Despite the skepticism that there was before the adoption of Bitcoin by large companies in El Salvador, McDonald’s move suggests that other internationally renowned companies, such as iPhone, Walmart and Nike, are possibly also making the necessary arrangements to begin accepting the cryptocurrency at their headquarters in that country.
In fact, this week, experts highlighted that those companies that refuse to accept the cryptocurrency could face penalties. This is based on what the Salvadoran Consumer Protection Law stipulates.
To facilitate this adoption, the Salvadoran government developed a wallet app called Chivo, which allows users to store, send, and receive Bitcoin. The president of El Salvador, Nayib Bukele, who pushed for the law Bitcoin announced that the app is now available for download through Google Play, Apple Store, and Apple Store. and Huawei. Although, according to Bitcoin Magazine, downloads have been disabled amid high demand for the wallet.
The entry into force of the new and historic law led to Bitcoin to the headlines of news outlets across the country. Among them, the country’s largest newspaper ‘El Salvador‘, mentioned the cryptocurrency on the front page. Likewise, the media outlet also added a live price tracker to its official website. Bitcoin live to its official website.
The local newspaper reviewed about the legislation coming into force amid protests and backlash from some citizen groups. As DiarioBitcoin reported, there have been several demonstrations in the country in opposition to the law Bitcoin and the widespread adoption of the said cryptocurrency.
The main concerns of citizens seem to be price volatility and alleged facilitation of criminal activity. Meanwhile, a report from El Salvador media outlet claims that more than 70% of the inhabitants do not want to adopt the cryptocurrency.
Version of Hannah Estefania Perez / DiarioBitcoin
Image by Unsplash