Swiss City Lugano Adopts Bitcoin and Tether for Tax and Municipal Services Payments
Summary:
Lugano, a Swiss city, has started accepting Bitcoin and Tether for municipal services and taxes. The move is part of Plan B, a collaborative effort with Tether, to incorporate Bitcoin technology into the city's financial system. Bitcoin Suisse plays the role of a technical partner, processing the cryptocurrency payments. The initiative follows other blockchain-focused projects in the city, including its digital franc and an app facilitating blockchain transactions.
In an effort to strengthen the local adoption of Bitcoin (BTC), Lugano, a city in Switzerland, has made it possible for its residents and local businesses to settle municipal services and tax obligations using cryptocurrency. On 5th December, the city of Lugano officially revealed that the local government has greenlighted the use of cryptocurrency for payment of taxes and any other community fees. Bitcoin and the prominent stablecoin Tether (USDT) can be used for payment through an automatic process facilitated by the Swiss institutional-grade crypto platform, Bitcoin Suisse. The announcement notes that all local bills can be settled using Bitcoin, regardless of the service rendered or the total amount due. Lugano residents can complete tax or service payments using Bitcoin via a Swiss QR-bill, which involves scanning a provided code on a bill and proceeding to payment using their desired mobile wallet and selected cryptocurrency. Lugano's recent adoption of cryptocurrency is part of a project known as Plan B, which was established in partnership with Tether. The objective of Plan B is to leverage Bitcoin's technology to overhaul the city's existing financial system. Bitcoin Suisse aids Lugano's objective by serving as a technical aide in the integrated payment solution, which provides Bitcoin and Tether as payment options for settling tax and municipal services. Lugano began utilizing cryptocurrencies for tax payments in March 2022, courtesy of a partnership forged with Tether. Prior to this, the city had incorporated blockchain-based solutions such as the MyLugano app, the LVGA Points payment token, the Lugano digital franc, and the 3Achain blockchain infrastructure. Furthermore, Lugano is not the only city in Switzerland that has taken active steps towards the adoption of Bitcoin for transactions and explorations of blockchain technology. The Swiss canton of Zug began accepting Bitcoin and Ether (ETH) for tax payments from residents and local companies in 2021, while Zermatt, a municipality within the canton of Valais, partnered with Bitcoin Suisse in 2020 to enable Bitcoin tax payment.
Published At
12/5/2023 5:00:00 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.