The Swiss city of Lugano will accept Bitcoin (BTC) and USDT as payment for taxes as part of a cooperation with Tether.
Lugano, seeks to entice cryptocurrency firms by enacting a slew of crypto-friendly policies.
Lugano intends to make cryptocurrency use more accessible.
The Swiss city of Lugano will let residents pay their taxes in cryptocurrency thanks to a collaboration with Tether, the firm that runs the well-known stablecoin USDT.
In addition to this first move, the Swiss city intends to broaden the acceptance of cryptocurrencies for payment of products and services provided in the city.
At the same time, the city has already collaborated with over 200 retailers to promote Bitcoin (BTC) and Lightning Network payments.
In this regard, Lugano has launched the “Plan”, which entails the establishment of a base in the city’s center to support the growth of Bitcoin and blockchain enterprises.
In addition, this proposal calls for the establishment of two investment funds. The first will get $3.26 million in funding to promote local adoption of Bitcoin, USDT, and LVGA, the city’s stablecoin (backed by the Swiss franc).
The second fund will be worth 110 million dollars and will be allocated to cryptocurrency and blockchain firms looking to establish themselves in Lugano.
Finally, the final component of this endeavor is to make this technology known to the academic community. As a result, Lugano intends to develop a dedicated study program on Bitcoin and the Lightning Network in order to improve young students’ knowledge of these new technologies.
Switzerland is still ahead of the curve in terms of cryptocurrency use.
The Lugano project is not a new one in Switzerland. Other towns and cantons, in fact, have taken the initiative to allow for the payment of taxes in cryptocurrency.
Consider the canton of Zug, which accepts Bitcoin and Ether (ETH) from its taxpayers, or the city of Zermatt. The latter, on the other hand, exclusively authorizes the usage of the king of cryptocurrencies, BTC.
This demonstrates that the Swiss authorities are becoming increasingly crypto-friendly, making Switzerland, unlike some of its neighbors, a desirable location for bitcoin start-ups.
