Lugano City accepts Bitcoin, Tether, LVGA as legal tender.

A Swiss city is creating global headlines by accepting cryptocurrencies for multiple tax payments. According to a new partnership with the Tether (USDT) provider, the city of Lugano will adopt digital assets as a viable payment alternative for a number of taxes, goods, and services. 

The Crypto Story of Lugano

The nation of Switzerland is already known as one of the most crypto-friendly nations in Europe. Therefore, the southern city of Lugano, comprised largely of Italian citizens, authorized the use of Bitcoin as a mode of payment for taxes and public service fees. Moreover, the burgeoning financial hub also has its own stablecoin LVGA. 

Lugano’s Mayor, Michele Foletti made the co-announcement with the city’s director, Pietro Poretti, and the Chief Technical Officer of Tether, Polo Arduino. Moreover, the city director mentioned how crypto incorporation will help in the payment of public service fees, while Arduino tweeted how crypto assets will be viable payment options across for over 200 business enterprises and shops across Lugano. 

Also Read : Senate Committee in Brazil Passes Regulation Bill for Crypto Transactions

Tax Payments with Crypto

In the upcoming future, Lugano residents can use Bitcoin, Tether, or LVGA for making several tax payments, including : 

• Public Services.
• Parking Tickets.
• Sewage Fees.
• Dog Taxes.
• Passport ID and Insurance Fees
• Construction Permit Fees
• Boat Docking Fees
• Tuition and Meal Fees
• Naturalization Fee
• Cemetery Fees 

Also Read : Turkey to Set up Committee for Analysis of Metaverse and Crypto

Other Features

The city will be integrating a blockchain platform for the usage of stablecoins across multiple departments. Moreover, as per the plan, Lugano will build a special hub for hosting separate companies along with a blockchain budget allocation of 100 million Swiss Francs. Moreover, an additional 3 million is kept aside for expediting crypto adoption among the local businesses. 

Tether with its valuation pegged to the US Dollar is a stablecoin and less volatile than conventional cryptocurrencies. Meanwhile, the city’s third official legal tender, the LVGA token is perceived to promote crypto adoption. 

Wrapping Up

Global crypto awareness and adoption received a big boost with El Salvador becoming the first nation to announce Bitcoin as a de facto legal tender. Lugano’s announcement of acceptance of Bitcoin and other stablecoins further reflects the role of cryptocurrencies as viable alternatives to conventional fiat denominations.