McDonald’s starts accepting Bitcoin in El Salvador

The McDonald's company logo stands on a sign outside a restaurant in Bretigny-sur-Orge, near Paris, France, July 30, 2020. REUTERS-Benoit Tessier

Fast food juggernaut McDonald’s has started accepting Bitcoin in El Salvador.

A screenshot posted by Bitcoin Magazine journalist Aaron van Wirdum shows a QR code that directs him to a webpage with a Lightning invoice.

It was confirmed that the new payment option is indeed available at McDonald’s locations in the Central American country starting from today.

El Salvador’s groundbreaking Bitcoin law came into effect earlier today.

President Nayib Bukele’s legal advisor had said that businesses that refuse to accept Bitcoin would face repercussions. Hence, international corporations that operate in the country are also obliged to add the flagship cryptocurrency as a new payment option now that it is officially recognized as legal tender.

The monetary experiment is believed to be a litmus test for Bitcoin as a sustainable currency. Cryptocurrency proponents argue that Sept. 7 marks the start of a new era for Bitcoin, expecting other countries to follow their lead.

Not everyone shares their excitement. The International Monetary Fund warned El Salvador that the adoption of Bitcoin presented financial and legal issues.

The Bitcoin push also baffled many Salvadorans, with roughly 70 per cent of the population opposing the law, according to a recent poll.

The market is also not excited about the El Salvador news, with Bitcoin recently plunging below the $50,000 mark after spiking to a multi-month high of $52,956 earlier today.

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