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.
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.