The Swiss City of Lugano Adopts Bitcoin and USDT as Legal Currencies
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Answer The Swiss City of Lugano Adopts Bitcoin and USDT as Legal Currencies
Residents of Lugano, the largest city in the canton of Ticino, Switzerland, will soon be able to buy homes, cars and even pay taxes using Bitcoin, Tether (USDT) and Lugano’s LVGA currency.
Bitcoin and Tether will become a legal payment method in Lugano:
After the controversial Bitcoin experiment in El Salvador, more countries around the world are rushing to do the same.
During a live event on Thursday dubbed “Lugano’s Plan B,” officials from the Swiss city and representatives of the Tether company announced the de facto legalization of Bitcoin and Tether.
This means that businesses in the region will be allowed to pay for goods, services, and taxes in bitcoin, USDT, and LVGA in the near future.Read:Tomorrow… we will witness the first merger in the crypto world with two digital currencies
However, the Swiss franc will still be the real legal tender in Lugano.
Crypto assets used as currency by Lugano residents will be instantly converted into local currency by the broker.
Lugano, which has an estimated population of 62,000, has teamed up with stablecoin provider Tether in a bid to make it a crypto hub in Europe.
In short, Tether and Lugano are looking to showcase real use cases of cryptocurrency among the local population through their collaboration.
Lugano’s mayor, Michele Folletti, noted that the city is investing in its future.
She added that the city is optimistic about the potential of the blockchain and that this move will help create a better, more open, transparent and smart city.
While Paolo Arduino, Chief Technology Officer (CTO) at Tether, commented:
The company envisions Lugano becoming a model for global adoption of cryptocurrency and its underlying technologies.
Lugano also intends to use clean energy for bitcoin mining.
Switzerland has long proven attractive to companies working in the cryptocurrency space, given its friendly regulatory environment.
While many Swiss cities already accept cryptocurrency to pay taxes, Lugano has become the first city in the Alpine country to offer a legal tender format for bitcoin.Read:Bitcoin ends January down 17%, making it the third worst January in Bitcoin history
This comes on the heels of El Salvador’s adoption of bitcoin as a legally recognized currency alongside the US dollar, primarily globally.
Perhaps it can be expected that there are more countries that will follow El Salvador soon, and Lugano in adopting the bitcoin currency, which was also predicted by the president of El Salvador, who told that by the end of 2022 there will be 3 or 4 countries legalizing the bitcoin and adopting it in daily life.
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