Is McDonald’s MacCoin a cryptocurrency? Restaurant chain to launch the ‘currency’ soon

Is McDonald’s MacCoin a cryptocurrency? Restaurant chain to launch the ‘currency’ soon 19916
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Pinaz Kazi
Jul 31, 2018 at 12:59 PM

The popular restaurant chain, McDonald’s unveiled MacCoin on Sunday, shocking the business world. While a lot of media outlets claimed it to be a cryptocurrency but  it’s not. A few months back, Kodak announced that it’s coming with its own cryptocurrency and McDonald’s appeared to be similar especially because, they described MacCoin as the “first fully food-backed global currency”.

As a Fortune report said," it’s not a Bitcoin alternative." In fact, it is just a coupon or voucher ‘heavier-than-usual’ for a free burger. Reportedly, McDonald’s is giving out the tokens in 50 countries, at 14,000 restaurants starting from August 2. This step has been taken to commemorate 50th anniversary of the Big Mac.

See also: Did cryptocurrency gain from Facebook’s historic loss?

McDonald's CEO Steve Easterbrook spoke to USA TODAY on Thursday and explained why the particular date was selected for the release of the brass-colored coins. Easterbrook said, the day would've been the 100th birthday of Jim Delligatti, the man who invented the Big Mac.

He also shared how the idea of coin sprung up – The Economist reportedly started using Big Mac Index as way to measure purchasing power of international currency, in 1986. "They use it to this day," Easterbrook said. "Why not have some fun with it? Create our own currency."

See also: Cryptocurrency is “Junk” says Mastercard CEO Ajay Banga

McDonald’s will rollout five designs of the Maccoin, each representing a decade of the Big Mac – the '70s coin to showcase the decade's flower power, the '80s to showcase the alluding to pop art, the '90s one will be defined by bold, abstract shapes, the early '00s will focus on the technology and the '10s MacCoin is a call for attention to the evolution of communication.

Image via Shutterstock

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