The city of Lugano will accept Bitcoin, Tether and LVGA tokens as ‘de facto’ legal tender

As part of a partnership agreement with Tether (U.S.), the southern Swiss city of Lugano will allow local businesses to accept cryptocurrencies as “de facto legal tender”.

Tether chief technical officer Paolo Ardoino spoke at Thursday’s Plan B event. He said that the company had created a 3,000,000-Swiss franc trust fund with Lugano officials in order to encourage the adoption of Bitcoin (BTC), Tether(USDT), and the LVGA token by shops and businesses throughout the city. Ardoino stated that the project was designed to attract talent from the area to Lugano, and make the city a major European blockchain hub.

Ardoino stated, “We want to demonstrate that these tools, instruments, and currencies that were created can be actually put to use in a [locally controlled] vibrant environment such as the city of Lugano.”

The project will allow Lugano residents, in addition to being able to pay their taxes with crypto, to extend payments for parking tickets, public service, and tuition fees to students. Crypto payments are expected to be accepted by more than 200 local businesses and shops.

#lugano #planb announces #bitcoin #tether, and #luga(CHF stablecoin), as legal tender. These are the items you can purchase in a few months.
— Paolo Ardoino (@paoloardoino) March 3, 2022

Ardoino mentioned the El Salvador legislators’ efforts to adopt cryptocurrencies. The country’s Bitcoin Law was approved in September 2021. It allows all citizens and visitors to use BTC alongside the U.S. dollars. In Lugano, and throughout Switzerland, the Swiss franc is legal tender.

Related: Mexican Senator to Propose Crypto Law: “We need Bitcoin As Legal Tender”

Tether announced that it would establish a fund of 100 million Swiss Francs to finance blockchain-based startups and create crypto unicorns. This partnership will be funded by projects valued at $1 billion. Polygon will be an infrastructure partner in stablecoin settlements at Lugano.

Lugano, Switzerland’s 8th largest city with 63,000 inhabitants, will host the Bitcoin World Forum conference this October.