Swiss city Lugano introduces Bitcoin, Tether, LVGA as legal tender to enable citizens to pay taxes in cryptocurrency in the future
Lugano Bitcoin Partnership
Lugano, a Swiss city recognized for technological innovation, is attempting to establish itself as a cryptocurrency centre. The City recently partnered with Tether to develop a center of excellence for blockchain adoption, with the goal of allowing individuals and companies to pay taxes in cryptocurrency.
Other global issues are clearly dominating headlines at the moment, but this is a huge problem in the realm of cryptocurrency. Lugano, Switzerland’s eighth-largest city with a population of over 63,000, is primarily trying to become a centre for blockchain adoption in Europe. Additionally, similar to El Salvador’s BTC legal tender system, Lugano intends to make all of its companies utilize crypto for daily transactions. Additionally, taxes will be payable using the three cryptocurrencies.
The event reaffirmed the city’s ambitions to become a European powerhouse for blockchain technology. The authorities want to establish pertinent education and mining initiatives. The revenue generated by bitcoin mining will be used to enhance urban infrastructure. Previously, Miami Mayor Francis Suarez announced the introduction of a cryptocurrency named MiamiCoin, New York City announced the launch of its City Coin (NYCCoin), and Philadelphia announced the launch of its City Coin. Additionally, To introduce Its Coin and legally recognize bitcoin as legal money in El Salvador.
The action was termed as a “de facto” legalization at Thursday’s “Plan B” event held by Lugano Mayor Michele Foletti, as the Swiss franc will undoubtedly remain the true legal money in Lugano and throughout Switzerland. Additionally, Plan B unveiled preparations for the Bitcoin World Forum, which will take place in Lugano from Oct. 26-28. Lugano, Switzerland’s ninth-largest city with a population of little more than 62,000, is located in the country’s Italian-speaking south.
Michele Foletti, the Mayor of Lugano, spoke on the city’s growing embrace of cryptocurrencies last November at Lugano’s NFT week: “We have always followed the development of new technologies very closely and we have identified blockchain as a topic of great interest for both multinational and local companies, citizens and businesses. We believe that a city must be at the service of citizens and with these initiatives we intend to place Lugano as a top-level player on the international scene, for all applications related to this technology.”
In a recent statement, Mayor Foletti also noted: “Lugano is investing in its future.The city has already implemented blockchain-based solutions including the MyLugano app and its LVGA Points payment token, the Lugano digital franc and the 3Achain blockchain infrastructure. They believe in the technology to scale and build a stronger, open, transparent and smart city.”