Cryptocurrency

Swiss city Lugano makes crypto a legal tender

Bitcoin, stablecoin Tether and city’s own stablecoin LVGA to become a legal currency in Lugano, a busting financial hub in southern Switzerland. The mayor Michele Foletti and Polo Ardoino, CTO, Tether co-announced the news along with the city director Pietro Poretti. Poretti stated that the citizens will be able to pay for public service fees and taxes with Bitcoin. Ardoino tweeted about the things that can be paid for with crypto and mentioned 200+ business and shops to accept Bitcoin, Tether and LVGA.

Here are all the things that can be paid for within a few months in  Lugano with crypto:

  1. All personal and corporate municipal taxes can be paid in Bitcoin, Tether and LVGA.
  2. All public services
  3. Parking tickets
  4. Dog taxes
  5. Sewage fees
  6. Market site fees
  7. ID and Passport Insurance fees
  8. Naturalization fee
  9. Construction permit fees
  10. Boat docking fees
  11. Tuition and meal fees
  12. Garbage tax and fees
  13. Access to public infrastructure, public events, rental spaces for events
  14. Excerpts from official registers
  15. Cemetry taxes

Polygon has collaborated as an infrastructure partner to be the official blockchain platform “offering the rail on which stablecoins will run,” states the company blog.

The city of Lugano will also create a specialized hub to host companies and set up a 100 million swiss francs fund to finance blockchain-based projects. Another 3 million Swiss francs will be set aside foto speed adoption by local businesses.

Last year Bitcoin was adopted as a legal tender in EL Salvador, making it the first country to officially adopt the cryptocurrency. The congress of the Central American country voted in favor of the law with 62 out of 84 votes.

El Salvador’s millennial president, Narib Bukele, sent the law to vote. The price of the bitcoin after the vote was $34,239.17. The President had also expressed that there would be no capital gains tax on bitcoin exchanges and cryptocurrency entrepreneurs will be eligible for permanent residency in the country.

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