In El Salvador, McDonald’s began accepting Bitcoin payments Tuesday, the same day the country became the first geopolitical entity to recognize the pioneer crypto asset as legal tender.
Even though the law requires businesses to accept Bitcoin, many remained skeptical that large organizations could integrate Bitcoin payment solutions before the law went into effect.
OpenNode lightning payments have been integrated into the company's services, meaning anyone can buy food from a McDonald's in the tiny Latin American country by scanning a paper receipt with a QR code from their phone.
In a statement, Julie Landrum, OpenNode's Head of Growth, said:
"McDonald’s is eager to work with us to ensure the country's Bitcoin Law takes hold in a successful manner. The Lightning Network presents a tremendous opportunity to demonstrate its power through everyday high-volume, low value purchases at the most popular and successful chain of fast-food restaurants in the world. The Bitcoin economy is clearly moving in the right direction.".
A partnership between OpenNode and McDonald's resulted in a timely payment solution. However, it is currently not possible for El Salvador users to download the Chivo native Bitcoin app due to a surge in demand. The entire population of El Salvador has received $30 in Bitcoin through Chivo or will soon receive it.
Bitcoin supporters are still wondering whether and to what extent these giant companies will use Bitcoin payments outside of El Salvador.
These companies, while providing superior payment technology solutions in El Salvador, have ignored doing so in other countries such as the U.S. through Bitcoin payments.
Business owners who refuse to accept BTC are in violation of local regulations, according to Javier Argueta, a legal guide for the Presidential House in El Salvador. The article on El Salvador.com states,
"According to Argueta, all businesses are forced to accept Bitcoin for transactions, despite neither the law nor the regulations explicitly specifying it. Businesses that do not accept it face repercussions from the Consumer Protection Law."