The City of Lugano Implements Bitcoin for City Transactions
The Swiss city of Lugano has embraced the use of Bitcoin for city transactions, allowing residents and businesses to pay taxes and local services using cryptocurrency. This initiative is part of Lugano’s “Plan B,” a partnership with Tether to revolutionize the city’s financial system by integrating blockchain technologies into routine municipal operations. The implementation will be facilitated through the Swiss institutional-grade cryptocurrency network, Bitcoin Suisse, which will accept Bitcoin and the stablecoin Tether as payment methods.
Lugano Embraces Tether Integration and Blockchain Exploration
Residents and businesses in Lugano can now use cryptocurrency to pay any amount for local services or taxes. The Swiss QR-bill enables payments through mobile wallets and certain cryptocurrencies, making it a practical option for users. Lugano has previously utilized blockchain technology for various solutions, including the development of the 3Achain blockchain infrastructure, the Lugano digital franc, and the MyLugano app with its LVGA Points payment currency.
Bitcoin Trend in Swiss Cities
Armin Schmid, Chief Product Officer of Bitcoin Suisse, acknowledged the growing trend of Swiss towns implementing crypto payments and expressed gratitude for this advancement. He emphasized the importance of providing citizens and companies with accessible options beyond traditional payment methods such as post-office counters and e-banking systems.
Lugano’s strategy aligns with the global trend of government transactions increasingly utilizing digital assets. Similarly, Banco do Brasil, Brazil’s oldest bank, collaborated with Bitfy in February 2023 to enable tax payments with digital assets. Furthermore, Polygon recently introduced MyLugano, a payment software that allows locals to use cryptocurrency for public services, parking fines, and taxes. Zug, known as Switzerland’s “crypto valley,” also started accepting BTC and Ethereum as tax payments in 2021 through a partnership with Bitcoin Suisse.
Hot Take: Lugano Paves the Way for Crypto Adoption in Switzerland
The implementation of Bitcoin and Tether for city transactions in Lugano marks a significant step towards crypto adoption in Switzerland. By integrating blockchain technologies into routine municipal operations, Lugano sets an example for other Swiss towns to follow. The acceptance of cryptocurrency as a payment method for taxes and local services not only provides convenience for residents and businesses but also showcases the potential of digital assets in transforming traditional financial systems. As more municipalities worldwide explore the use of cryptocurrencies, Lugano’s forward-thinking approach positions it at the forefront of the global trend towards a digital financial future.
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