On December 5, 2023, the Swiss City of Lugano took a significant step towards embracing the world of cryptocurrencies. In an announcement, the City revealed that it would now accept Bitcoin (BTC) and Tether (USDT) for tax and other municipal fee payments. This move is part of Lugano’s collaboration with Tether, known as Plan B, which aims to revitalize the City’s financial system using Bitcoin technology.
Previously, Lugano only allowed cryptocurrency payments to be made through the City’s official online portal. However, with this latest development, the opportunity is extended to every invoice, regardless of nature or amount. Citizens and companies in Lugano can now pay their expenses by scanning the invoice QR code and utilizing their preferred mobile wallets. The two accepted assets, Bitcoin (BTC) and Tether (USDT), are giants in their respective asset classes.
Bitcoin Suisse, a leading cryptocurrency financial services provider, plays a crucial role in Lugano’s Plan B. The company will handle the technical aspects of the payment solution, offering a seamless option for accepting payments with BTC and USDT. Armin Schmid, the Chief Product Officer at Bitcoin Suisse, expressed his enthusiasm for supporting Lugano’s mission to accelerate the use of blockchain technology. He highlighted the increasing number of Swiss municipalities offering cryptocurrency payments as an alternative to traditional methods.
Lugano is not the first Swiss City to embrace cryptocurrency payments. Zug City began accepting Bitcoin and Ethereum for tax settlements as early as 2021, and the Canton of Zug and the municipality of Zermatt have already implemented similar systems.
Switzerland has been at the forefront of cryptocurrency adoption for some time now. Just last month, St. Galler Kantonalbank, one of the largest cantonal banks in Switzerland, announced the official launch of Bitcoin and Ethereum trading and custody services for select clients.
The acceptance of Bitcoin and Tether by Lugano for municipal taxes is a significant development in the world of cryptocurrencies. It further solidifies Switzerland’s reputation as a cryptocurrency-friendly country and sets a precedent for other cities and countries considering similar steps. As cryptocurrencies continue to gain mainstream acceptance, their integration into daily life, including tax payments, marks a crucial milestone towards their broader adoption.
In conclusion, Lugano’s decision to accept Bitcoin and Tether for municipal taxes is a significant advancement in the cryptocurrency world. The collaboration with Tether and the involvement of Bitcoin Suisse showcases the growing acceptance of cryptocurrencies in Switzerland. As more cities and countries explore the benefits of digital currencies, Lugano’s progressive approach sets a positive example for others to follow.
