After the passing of the Bitcoin Legal Tender bill at the El Salvadorian parliament, it was decided that the law was to be enforced starting September 7, 2021. Although the implementation saw a lot of opposition from the common public from El Salvador (ES), still, the law has been implemented.
With the implementation of Bitcoin as a legal tender, the country now has access to another payment method, which is Bitcoin (BTC). This means that any shop or business in the country must accept Bitcoin just like the USD. Following the implementation of the law, it is now mandatory for the local businesses in ES to accept Bitcoin.
Following the implementation of the Bitcoin legal tender, McDonald’s is the first major fast-food chain in ES to take the opportunity and accept payments in Bitcoin. McDonald’s has announced that it will now accept Bitcoin for food purchases and it will do it through the Lightning Network.
However, McDonald’s has confirmed that the Bitcoin payment method will only be accepted in El Salvador for now. This makes McDonald’s one of the top food chains in El Salvador that has started accepting Bitcoin as a payment method for the locals.
This information has been broken by Aaron van Wirdum, a journalist, who has share updates in regards to McDonald’s accept Bitcoin in ES. The report was posted by Aaron van Wirdum on Tuesday, September 7, 2021, through his blog.
In the report, Aaron revealed that while visiting El Salvador, he decided to visit one of the McDonald’s restaurants to have lunch. While at one of the chains, the cashier provided him with a QR code. As he scanned the QR code, he was directed to an invoice page, where he could see the bill.
Wirdum revealed that the invoice he could see was on the Lightning Network for Bitcoin. Back in 2019, it was reported that McDonald’s was operating 19 of its branches at different locations. It is expected that the number of franchises for McDonald’s must have increased in a matter of two years.
Since the beginning of 2021, the Lightning Network has gained a tremendous user base and adoption. The solution was introduced by a development team wanting to make Bitcoin transactions much faster and scalable. This is exactly what Lightning Network offers in terms of offering high scalability for transactions.
El Salvador is hoping that with this movement, Bitcoin gets adopted all over the country. The country is aiming to boost its economy with the adoption of Bitcoin and wants to bring itself among countries with top economies.
In order to boost the adoption rate for Bitcoin, the country has even purchased several Bitcoin. This way, the country will be able to distribute them in the market to gain more exposure for the digital asset.