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A city in Switzerland will soon be following El Salvador’s footsteps in adopting Bitcoin as legal tender. The Swiss city of Lugano plans to allow citizens to pay for taxes and public service fees in BTC, the stablecoin Tether (USDT), and the LVGA token.
“Bitcoin, Tether & the city's LVGA token will become de facto legal tender in Lugano,” Tether announced via its official Twitter account.
The decision to accept the three cryptocurrencies was also announced by Lugano city director Pietro Poretti alongside city mayor Michele Foletti and Tether CTO Paolo Ardoino during the “Plan B” event which was live-streamed on Thursday, according to Nasdaq. The move was described as a “de facto” legalization since the Swiss franc still remains the actual legal tender in Switzerland.
“This is probably the most important thing of this project,” Ardoino described “Plan B.” The city of Lugano has collaborated with Tether for Plan B, which is a city initiative aimed at attracting wealth, the right talent, and opportunities in the digital asset industry.
As part of the project, the city has worked with over 200 merchants to spur the adoption of BTC and Lightning payments. The city also plans to host the BItcoin World Forum this coming October 26 to 28, 2022.
The city plans to create a hub for Bitcoin and blockchain startups at the heart of the city. The hub would also be used for hosting networking events, Bitcoin meetups, and workshops.
“El Salvador’s GDP increased by 10% and its tourism by 30% after declaring bitcoin a legal tender,” Ardoino added. “Imagine what we can do in a city at the center of Europe.”
Two investment funds will be created as part of the Plan B initiative. $3.26 million will be allocated to the first fund to encourage the adoption of Bitcoin, USDT, and the LVGA token. The second fund will be formed from a pool of funds of up to $108.6 million aimed at assisting Bitcoin and blockchain startups who wish to relocate or set up their headquarters in the city.
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