McDonald’s restaurants in El Salvador are now accepting bitcoin payments as part of the country’s push for bitcoin acceptance. The restaurant chain within the Central American nation is working with a firm called Open Node – a bitcoin payment processing enterprise – that will allow it to accept crypto payments via the Lightning Network, a system designed to permit crypto transactions off chain.
McDonald’s Will Accept Crypto for Menu Items
McDonald’s currently has 19 separate restaurants in the nation of El Salvador, and all have agreed to accept crypto payments in accordance with the country’s push for bitcoin dominance. The nation has long depended on USD, though now customers can walk into any retail location or store and utilize bitcoin in the same way.
Julie Landrum – head of growth at Open Node – commented in a statement:
We are incredibly excited to work with McDonald’s to help make adoption of the country’s Bitcoin Law an operational success. It’s just a massive opportunity to demonstrate the power of the Lightning Network for everyday high-volume, low-value purchases at the most popular and successful fast-food chain in the world. Clearly another significant milestone on the path to growing the bitcoin economy.
The decision to make bitcoin legal tender in El Salvador took effect last Tuesday, though the country has been discussing the notion of a bitcoin-based financial system since last June. The country is the first nation to make this maneuver, and it has led to heavy speculation regarding whether other countries will follow suit.
However, El Salvador has experienced its fair share of problems given how problematic and unsteady the integration of bitcoin has been within its borders. For one thing, the country has not received any help from outside financial authorities such as the World Bank when it came to implementing its bitcoin agenda. In addition, the nation has been dealing with heavy protests from its own people who say that things were fine working on the back of the U.S. dollar and that they did not have any interest in BTC.
Some Serious Issues at Hand
The morning of September 7 also saw the Chivo wallet system – a national wallet program designed to hold bitcoin for users and provide each customer with $30 in BTC to get them started on their “digital journeys” – came crashing down, resulting in several individuals unable to store their assets or utilize their crypto funds for purchases. This all accumulated in a major bitcoin price drop, which saw the world’s number one digital currency by market cap falling from the low $50,000 range to about $45K.
Customers, however, looking to purchase Big Macs, fries, shakes, or any other items on the McDonald’s menu, may now do so with bitcoin, meaning things are moving forward in El Salvador whether critics agree with the decisions or not.