Burger King to Accept Bitcoin Payment in Russia
Analysts often assert Bitcoin is just a fad, but that perception may soon change. It’s slowly becoming mainstream, starting with Burger King in Russia.
According to a report published by Uznay Vse, a regional news outlet in Russia, one Burger King outlet has started to test Bitcoin payments for its fast food.
The usage of the decentralized currency is a bold and courageous move that might change the perception of Bitcoin all over the world. While only one restaurant will be testing out this method for now, similar Bitcoin payment options will become available for multiple restaurants before the summer ends.
Over the last few years, Bitcoin has slowly gained popularity in Russia. There have been several murmurs that the Russian government is planning to officially acknowledge and regulate Bitcoin very soon.
According to a recent report, Dmitri Medovoy, the director of Burger King in Russia, is planning to develop and install software that allows Bitcoin payments. The software will be used both in the store and in the Burgerking.ru apps. Medovoy firmly believes that Bitcoins are the future of currency, and sees great potential in them.
Medovoy said the company will soon be announcing who won the tender for the development of this software for Bitcoin payments. He has also expressed that whoever the contractor may be, they will have to create the software for their apps on Android and iOS as well as in store cash register systems.
He is all set to make Burger King a market leader by expanding the restaurant chain all the way to Siberia. Right now, only St. Petersburg, Moscow and Yekaterinburg have locations in Russia.
The planned usage of BTC as an alternate mode of payment is simply one of the many steps being taken to bring the cryptocurrency into mainstream services in the country.
BTC payment model is tax rather than integration.
However, it seems the bigger issue regarding the BTC payment model is tax rather than integration. Proposals are also being made by the Central Bank of Russia to categorize this cryptocurrency as a digital asset.
Such a definition greatly helps the Bitcoin payments process, especially for the purpose of taxation. The proposal was widely supported by all ministries, and the first draft will be delivered within the month.
The stance of the Russian government regarding cryptocurrencies has been under constant debate for quite some time now. Right before Burger King had announced its plan to implement Bitcoin transactions, Deputy Finance Minister of the Russian Federation Alexey Moiseev made a statement that the government is looking to introduce KYC guidelines for transactions made with cryptocurrency.
In April 2017, Mr. Moiseev had announced that Russia plans to recognize Bitcoin as a legitimate financial element, especially in the war on money laundering.
Therefore, the latest news of Russia’s stance comes as a pleasant surprise given the previous regulatory status of cryptocurrencies around the world.
Will Russia lead the way in integrating Bitcoins into the mainstream currency? Recent reports from the country seem to indicate just that.
