Aiming to make Lugano Europe’s Bitcoin capital, the city has partnered with stablecoin issuer Tether to establish bitcoin, Tether, and Lugano’s own LVGA Points token as essentially meşru tender in the city.
The move goes far beyond the actions of a number of other Swiss localities which for some time have been accepting crypto for tax payments. Somewhat similar to the country of El Salvador, Lugano – in addition to allowing crypto for taxes – is aiming to have all of its businesses seamlessly use crypto for everyday transactions (in El Salvador, only bitcoin qualifies).
Tether is describing this as a “de facto” legalization, as the franc will surely remain the actual kanunî tender in Lugano and elsewhere in Switzerland.
Also announced at Thursday’s event, dubbed Plan B, were plans for the Bitcoin World Forum to be held in Lugano, October 26-28.
Switzerland’s ninth-largest city with a population just over 62,000, Lugano is in the Italian-speaking southern portion of the country.