Key takeaways:
- Lugano, the 9th largest Swiss city, is moving to adopt crypto as “de facto” legal tender
- Lugano-based businesses and individuals will be able to make everyday transactions and pay taxes with Bitcoin, Tether, and LVGA
- For the time being, the Swiss franc will remain the only “de iure” legal tender in the city
Lugano will allow citizens to use crypto for everyday transactions and to pay taxes
On Thursday, the mayor of Lugano, Michele Folleti, hosted the “Plan B” event where the announcement for the “de facto” legalization of crypto within city limits was made.
Lugano’s city officials have partnered with the largest stablecoin issuer, Tether, to facilitate a seamless transition to crypto. According to the USDT creators, the city of Lugano will allow its citizens and businesses to conduct their financial transactions in Bitcoin, USDT, and the city’s own LVGA token.
Lugano’s recent move is reminiscent of last year’s historic decision by El Salvador, to become the first country in the world to adopt Bitcoin as legal tender. However, unlike El Salvador, which enacted special crypto legislation, the so-called “Bitcoin Law,” in order to pave the way for legal crypto payments, Lugano is doing so without federal legal backing.
A brief promotional video shared on Twitter by Paolo Ardoino, CTO of both Bitfinex and Tether, shows that Lugano’s residents and businesses will be able to pay personal and corporate taxes with the trio of supported currencies. Additionally, all public services, construction permit fees, tuition, and more, will be payable with crypto “within few months.”
In related news, Lugano is set to host this year’s Bitcoin World Forum, which is slated for October 26.
