Burger King Russia Launches New Cryptocurrency
In the fast-moving world of digital currencies, it can be surprising which companies take the lead on new innovations. Burger King Russia has now shown itself to be a ready and willing adopter of the popular new technology and trend for a second time. Earlier in the year, the fast food chain's Russian branch made the move to allow for Bitcoin payments at its brick-and-mortar stores. Now, it appears that the company has just launched its own virtual currency, called the Whoppercoin, via the Waves Platform.
One Billion Tokens
According to the Coin Telegraph report, Burger King Russia has already issued one billion tokens on the platform, although it remains unclear exactly what those tokens will be used for. It is possible that the digital tokens will be a means of paying or monetizing loyalty points that customers earn through repeat purchases. One application of such a usage would be that customers could scan or enter their receipt information into the restaurant's mobile app in order to receive tokens, which could then be used to purchase additional food items or prizes.
Shifting Russian Views on Crypto Space
While the Whoppercoin itself may not completely overturn the fast food industry as we know it, the issuance of a new cryptocurrency by a mainstream fast food restaurant is nonetheless an important sign that cryptocurrencies are more and more making moves into the world of everyday business. In their earliest stages, many cryptocurrencies, including Bitcoin, the oldest and most popular digital currency, remained limited in their practical applications. Now, as a larger number of businesses are considering accepting payments and as the range of apps making use of digital currencies grows, it seems like only a matter of time before the currencies make their way into the mainstream.
Further, the fact that Burger King's Russian arm has been the one to make moves into the cryptocurrency space first is telling. The Russian government spent years rejecting cryptocurrencies and the blockchain technology which supports them. Now, the government has launched new initiatives to completely reverse this stance, including regulations that may allow the use of digital currencies in the local economy. It's unclear whether Burger King Russia made its move toward the Whoppercoin as a result of the change of heart of the Russian government, but in any case, it is probable that other Russian companies may also follow in the same tactics.
What the Whoppercoin means for Burger King franchises outside of Russia remains to be seen. Perhaps if the digital currency launch is successful, the restaurant chain will consider expanding the program into other markets, although differences in regulatory levels might make a worldwide adoption difficult, at least for now.