First Restaurant In Moscow Accepts Payment In Bitcoin

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Restaurant Valenok in the capital of Russia has become the first to accept payment in the form of Bitcoin. A spokesperson said that it would also accept cryptocurrency should there be a demand for it.

Restaurant Might Install Special ATMs If Bitcoin Payment Is Popular

Mikhail Petukhov, the spokesperson for the restaurant, said that they wanted to keep up with the time. He said that if there is a demand for paying in the restaurant by Bitcoin, then they would go as far as installing special ATMs to take care of the payments if it meant providing guests with a proper level of service.

The restaurant Valenok is on Tsvetnoy Boulevard, which lies in the center of Moscow. The average main course generally costs around $10. Petukhov went on to explain that the restaurant can generate a QR code which has the desired amount and the address and then the customer just scans that code by using the Bitcoin application on their phone and the payment is made.

Burger King Will Also Start Accepting Bitcoin Payment At End Of Year

The restaurant is not going to be the only one in Russia to accept Bitcoin as payment as Burger King said that the chain would start to accept Bitcoin by the end of the year in the country.

At the moment the Russian central bank does not recognize Bitcoin, along with other cryptocurrencies. The blockchain technology that is behind it is much more than a currency, and it would help to speed up payments along with making a settlement and clearing a lot easier.

Bitcoin and cryptocurrencies have dropped in value over the last couple of weeks by almost 20%. However, it has been a correction from the all-time highs, and digital money has grown over the year by 150%.

On Wednesday this week the trading of Bitcoin stood at $2, 581 and Ethereum, which is the rival, stood at $307.

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