Burger King's new Whoppercoins can be used by customers to purchase hamburgers.
(CCM) — Burger King has launched a new Bitcoin-like cryptocurrency called Whoppercoin as part of a new fast food loyalty scheme in Russia, according to a BBC report. Customers will be entitled to one Whoppercoin for every rouble ($0.02) they spend on a Whopper, and they can claim their cryptocash by scanning their till receipt using Burger King's iPhone or Android apps.
The currency will only be valid for purchasing Whoppers at the price of one hamburger for 1,700 Whoppercoins, meaning that customers will need to buy five or six Whoppers in the normal way before they are able to buy a Whopper with Whoppercoins. The apps will also allow customers to share and trade their Whoppercoins with each other.
Burger King has partnered with a company called Waves to provide the technology behind the cryptocurrency, including running the blockchain ledger which cryptocurrencies like Whoppercoin and Bitcoin rely on to keep track of transactions that are carried out by cryptocurrency users. The company has already generated over 1 billion Whoppercoins; and thanks to its control of the blockchain ledger, it can also shut the currency down at any time should it become necessary for any reason.
Professor Emin Gun Sirer, a director at the Initiative for Cryptocurrencies and Contracts, said that it was inevitable that Whoppercoins will eventually be used for money laundering, according to the BBC.
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