Ethereum

Bitcoin

Polygon

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<a href="https://bitcoinsuisse.com/news/city-of-lugano-accepts-crypto-payments" target="_blank" rel="noopener nofollow"> innovative project</a> 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. 
<h2 id="strong-lugano-embraces-tether-integration-and-blockchain-exploration-strong">Lugano Embraces Tether Integration And Blockchain Exploration</h2> 
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. 
The city has previously used <a href="https://www.ifcreview.com/news/2023/november/switzerland-mass-adoption-of-crypto-in-switzerland-is-imminent/" target="_blank" rel="noopener nofollow">blockchain technology</a> to develop other solutions, including as the 3Achain blockchain infrastructure, the Lugano digital franc, and the MyLugano app with its LVGA Points payment currency. 
<h2 id="strong-bitcoin-trend-in-swiss-cities-strong">Bitcoin Trend In Swiss Cities</h2> 
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. 
<img loading="lazy" decoding="async" class="aligncenter wp-image-268103 size-large" src="https://bitcoinist.com/wp-content/uploads/2023/12/a-28.png?w=610&amp;resize=610%2C502" alt="" width="610" height="502" srcset="https://bitcoinist.com/wp-content/uploads/2023/12/a-28.png?w=610&amp;resize=610%2C502 610w, https://bitcoinist.com/wp-content/uploads/2023/12/a-28.png?w=510 510w" sizes="(max-width: 610px) 100vw, 610px" data-recalc-dims="1"> 
<blockquote>
 “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. 
</blockquote> 
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. 
<blockquote> “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. 
</blockquote> 
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

Swiss Pioneers: Lugano City Breaks New Ground, Accepts Bitcoin And USDT For Taxes

Table of Contents

Bitcoinist

Other articles published on Dec 6, 2023

Shiba Inu Price Corrects, Can it Recover? Dogecoin and Everlodge Uptrend Continues

io.net expands Filecoin storage use cases through collaboration

Exclusive Report: Is A Uniform Global Data Privacy Law Possible?

Shiba Inu Price Displays A Bullish Jump As Market Pumps! What’s Next For SHIB Price?

Is it too late to invest in Ethereum?

Bitcoin Dev Reveals Critical Bug, But Not Everyone Agrees

Join our free newsletter for daily crypto updates!