As part of a cooperation with Tether, Switzerland’s southern city of Lugano aims to accept various cryptocurrencies as “de facto” legal cash in numerous local businesses. Residents of the Swiss city will now be able to use cryptocurrency to pay for taxes, parking tickets, public services, and tuition.
At the city’s Plan B event on March 3, Paolo Ardoino, Tether’s chief technical officer, stated that the company had set up a 3 million Swiss franc fund in collaboration with Lugano officials to encourage the adoption of Bitcoin (BTC), Tether (USDT), and the LVGA token for shops and businesses across the city. The statement from Ardoino stated that the initiative is aimed at drawing expertise from the space and establishing Lugano as a key blockchain centre in Europe. We want to demonstrate that these tools, instruments, and currencies that were invented can really be put to use in a [locally regulated] thriving setting like Lugano, he added.
In addition to allowing Lugano residents to pay their taxes using cryptocurrency, the initiative will also accept payments for parking fines, public services, and student tuition expenses. More than 200 local stores and companies are also anticipated to accept cryptocurrency payments for products and services.
At the event, Ardoino highlighted the work done by El Salvador officials to promote cryptocurrency adoption. The country’s Bitcoin Law entered into effect in September 2021, enabling all citizens and tourists to use BTC as legal money alongside the US dollar. The Swiss franc continues to be legal tender in Lugano and across Switzerland.