Lugano Implements Bitcoin and Tether for City Transactions, Revolutionizing Financial System

The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
This summary text is fully AI-generated and may therefore contain errors or be incomplete.

The Swiss city of Lugano has taken a significant step towards embracing the future of finance by implementing Bitcoin and Tether for city transactions. This innovative project, known as “Plan B,” is a partnership with Tether aimed at revolutionizing Lugano’s financial system through the integration of blockchain technologies. The city hopes to expand the use of cryptocurrency payments beyond taxes and into other aspects of public life.

Residents and businesses in Lugano can now use Bitcoin and Tether to pay for local services and taxes. This is made possible through the Swiss QR-bill, which allows payments through mobile wallets and select cryptocurrencies. The automated processing of these payments will be facilitated by the Swiss institutional-grade cryptocurrency network, Bitcoin Suisse.

Lugano has previously utilized blockchain technology for various solutions, including the development of the 3Achain blockchain infrastructure, the Lugano digital franc, and the MyLugano app with its LVGA Points payment currency.

Armin Schmid, the Chief Product Officer of Bitcoin Suisse, expressed his appreciation for the increasing trend of Swiss municipalities adopting crypto payments. He emphasized the importance of providing citizens and companies with alternative payment options alongside traditional methods such as post-office counters and e-banking platforms.

Lugano’s strategy aligns with the global trend of governments incorporating digital assets into their transactions. In Brazil, for example, Banco do Brasil collaborated with Bitfy to enable tax payments with digital assets.

The city of Zug, known as the “crypto valley” of Switzerland, also began accepting Bitcoin and Ethereum as tax payments in 2021. This initiative was made possible through a partnership with Bitcoin Suisse to convert cryptocurrency tax payments into Swiss francs.

Overall, Lugano’s adoption of Bitcoin and Tether for city transactions represents a significant step towards integrating cryptocurrency into everyday life. With the support of Bitcoin Suisse and the use of blockchain technology, Lugano aims to transform its financial infrastructure and embrace the future of finance.

Notifications 0