The Swiss city of Lugano has taken a big step into the financial future by implementing Bitcoin for use in city transactions. Announced on December 5, this innovative project enables the city to accept Tether and Bitcoin as payment for taxes.
This action is a component of Lugano’s “Plan B,” a partnership with Tether to use Bitcoin technology to revolutionize the city’s financial system. Integrating blockchain technologies into routine municipal operations is the goal. Lugano hopes to integrate cryptocurrency payments into further facets of public life in addition to the current expansion of these payments.
Automated processing through the Swiss institutional-grade cryptocurrency network Bitcoin Suisse will begin immediately accepting Bitcoin and the stablecoin Tether (USDT) as payment methods at Lugano.
Lugano Embraces Tether Integration And Blockchain Exploration
With this new method, residents and businesses can use cryptocurrency to pay any amount for local services or taxes. Using the Swiss QR-bill, which allows payments through mobile wallets and some cryptocurrencies, is a practical implementation.
Bitcoin slightly below the $44K level today. Chart: TradingView.com
The city has previously used blockchain technology to develop other solutions, including as the 3Achain blockchain infrastructure, the Lugano digital franc, and the MyLugano app with its LVGA Points payment currency.
Bitcoin Trend In Swiss Cities
Chief Product Officer of Bitcoin Suisse Armin Schmid acknowledged the encouraging trend of more Swiss towns implementing crypto payments while expressing gratitude for the advancement.
In addition to traditional payment methods like post-office counters and e-banking systems, he underlined the need of having such options accessible to citizens and companies.
Switzerland leads in crypto ownership and usage in Europe. Source: Statista / Financial Mirror
“It is great to see that more and more Swiss municipalities are offering payments in cryptocurrencies as an option available to both citizens and companies, complementing traditional payment methods such as post-office counters and e-banking platforms,” Schmid said.
Lugano’s strategy is in line with the expanding global trend in which government transactions are increasingly utilizing digital assets. In a similar vein, the oldest bank in Brazil, Banco do Brasil, announced a collaboration with Bitfy in February 2023. The collaboration made it possible to pay taxes with digital assets.
“We are delighted to support the City of Lugano in accelerating the use of Bitcoin technology as the foundation to transform the city’s financial infrastructure,” Schmid added.
Polygon unveiled MyLugano, a payment software that lets Lugano locals use cryptocurrency to pay for public services, parking fines, and taxes last month.
Zug, the “crypto valley” of Switzerland, began taking BTC and Ethereum in 2021 as payment for taxes after collaborating with a local company, Bitcoin Suisse, to convert cryptocurrency tax payments into Swiss francs.
Featured image from Shutterstock
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- Source: https://cryptoinfonet.com/bitcoin-news/swiss-pioneers-lugano-city-breaks-new-ground-accepts-bitcoin-and-usdt-for-taxes/
