Bitcoin and Tether Become "De Facto" Legal Tender in Swiss Town

Lugano has fully embraced cryptocurrencies after partnering with Tether, the leading stablecoin issuer. However, it didn’t go as far as El Salvador

News

Thu, 3/03/2022 - 19:14

Bitcoin and Tether Become "De Facto" Legal Tender in Swiss Town

Cover image via stock.adobe.com

Read U.TODAY on

Google News

Lugano, the largest city in Switzerland’s Ticino canton, has recognized Bitcoin (BTC), the largest cryptocurrency, and Tether (USDT), the leading stablecoin, as well as the city’s LVGA Points token as “de facto” legal tender.

The residents of Lugano, which has a population of 62,000, will now be able to pay taxes in the aforementioned cryptocurrencies. They will soon make it possible to use crypto for a wide range of goods and services after building out the technological infrastructure.

Thu, 03/03/2022 - 16:07

Ted Cruz: Texas Should Be "Ground Zero" for Crypto Industry

This was possible after forming a partnership with USDT issuer Tether Operations Limited. They have established a center for blockchain adoption, which could potentially turn Lugano into a major cryptocurrency hub.

Tether and other crypto companies will also create a major fund in the city for building blockchain services.

The Swiss franc will still be the only legal tender in Lugano. This sets it apart from El Salvador, which made Bitcoin its second official currency last September.

#Bitcoin News #Tether News

About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.