Anyone can pay for daily needs through cryptocurrencies as they will be considered legal tender in the Swiss city of Lugano.
The southern city of Lugano in Switzerland is planning to adopt cryptocurrencies Bitcoin, Tether, and LVGA as legal tenders.
The plan was announced during the “Plan B” event, which was hosted by Lugano’s mayor, Michele Foletti. The move is defined as “de facto” legalization.
“This is probably the most important thing of this project,” Paolo Ardoino, CTO of Tether, said, referring to “Plan ₿,” a city initiative in collaboration with Tether to attract wealth, tech talent, and opportunities.
As per the plan, one can pay personal and corporate municipal taxes in the aforementioned cryptocurrencies.
Along with that, basic services such as parking tickets, sewage fees, everyday markets, garbage tax, etc. can also be availed through crypto.
More than 200 businesses will be accepting the 3 cryptocurrencies.
Swiss Franc will remain the actual legal tender in Lugano and elsewhere in Switzerland.
Switzerland’s ninth-largest city with a population of just over 62,000, Lugano is in the Italian-speaking southern part of the country.
This is quite a significant development as earlier cities were only rolling out their city coins. For example, Miami and Rio de Janeiro have launched their native city coins. They can be used to make payments in the respective cities.
Switzerland is the financial capital of Europe. It is known for innovation in financial services. This development is expected to pave the way for further crypto adoption in the continent. Switzerland is already home to major crypto foundations such as Ethereum Foundation, Web3 Foundation, and Cardano Foundation. Now it is inching towards crypto adoption for payments.
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