Monday, January 24, 2022

Burger King Russia to Accept Bitcoin Late 2017

Burger King Russia to Accept Bitcoin Late 2017

A Burger King franchise located in Moscow, Russia will be accepting bitcoin later this year.  

Also read: Investors Beware: China to Give Death Penalty to ICO Traders?

Burger King Going Bitcoin

Burger King is seeking the help of technicians in the FinTech industry as it prepares to integrate bitcoin. These technicians will create a payment processing system which may include iOS and Android compatibility. But first, a team has to win the development contract by submitting the best proposal to Burger King.

The franchise plans on announcing the winner of the development contract on August 10th.

“We plan to collect the proposals until August 10,” said Burger King Russia press director Ivan Shestakov.

“We are interested in [proposals] as a technical solution” to bitcoin integration, Shestakov continued, as well as solutions to tax issues.

There are many obstacles to work through for bitcoin acceptance to become a reality for the Burger King franchise, however. Most notably, the tax hurdle will be a primary focus for them to overcome.

Burger King Russia’s General Director Dmitry Medovy said, “Tax issues, rather than integration, constitute the main difficulty…Payments in cryptocurrency is our nearest future.”

Bitcoin Adoption in Russia Growing Fast

This Burger King franchise definitely looks towards the future by integrating Bitcoin into their payment solutions — and they are not alone. Russia-based companies have had an increased interest in incorporating bitcoin payments into their existing systems.

Chronopay — a Russian company similar to Paypal — and Ulmart, Russia’s largest online retailer, have both expressed their interest in Bitcoin.

Ulmart states integration of bitcoin payments will be completed by September 1. Chronopay released a statement on May 29, declaring they would incorporate Bitcoin into their payment software.

ChronoPay founder Pavel Vrublevsky said:

“For a long time, I have been extremely skeptical about Bitcoins and blockade, including criticizing these initiatives in public, I hate the Komsomol very much, but having thoroughly studied the subject, I apologize to everyone – I’ve changed my point of view radically. It is a real revolution in the payment industry probably and we will do everything to participate in this movement. The first and simplest step out of our planned steps in this direction is to support payments in Bitcoin. ”

The success of Bitcoin and other digital currencies in 2017 is why this Burger King Russia wants to adopt. The franchise could pave the way for bitcoin adoption in globally-established companies. Completion of a payment processing system and working through those tax issues is vital to this integration. If these campaigns are successful, it very well could pressure similar companies to adopt the technology to avoid falling behind.

Is Burger King Russia’s adoption of bitcoin practical? Share your thoughts in the comments below. 


Images via Getty Images, Burger King

Bitsonline Email Newsletter

VIDEOS