Switzerland’s Lugano City Introduces BTC and USDT as ‘De Facto’ Legal Tender

Lugano, a city in Switzerland, has recently introduced Bitcoin ($BTC), Tether ($USDT), and its own LVGA token as “de facto” legal tender even as the Swiss Franc remains the country’s primary currency.

Swiss City Wants to be the Next Crypto Land

According to Michele Foletti, the mayor of the City of Lugano, Bitcoin ($BTC), Tether ($USDT), and Lugano’s own LVGA token will be recognized as de-facto legal tender. To make this possible, the city officials formed a partnership with Paolo Ardoino, Tether ($USDT) chief technical officer. As part of the partnership, Tether would create a fund of up to 100 million Swiss francs to help finance blockchain-based startups in the region. Polygon will act as an infrastructure partner for stablecoin settlements in Lugano. https://twitter.com/paoloardoino/status/1499472211232571395

“Lugano is the economic capital of southern Switzerland and has always been a leader in the creation of new opportunities. Collaborating with a company the caliber of Tether is a magnet that will attract more companies to come to Lugano,” Michele Foletti said during a panel.

Lugano Will Host Bitcoin World Forum This Year

In addition to allowing the citizens of Lugano to pay their taxes using crypto, the project will also extend payments to parking tickets, public services, and tuition fees for students. More than 200 shops and businesses in the area are also expected to accept crypto payments for goods and services. Lugano is Switzerland's 8th-largest city and will host the Bitcoin World Forum conference in October, 2022.