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February 22, 2024
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Swiss city embraces cryptocurrency for municipal payments

In a landmark decision, the Swiss city of Lugano has officially begun accepting Bitcoin (BTC) and Tether (USDT) for tax payments and other municipal fees. This announcement marks a significant step towards integrating cryptocurrency into the city’s financial infrastructure.

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A Comprehensive Crypto Payment System

Lugano’s residents and businesses now have the option to use either Bitcoin or Tether for paying any bill issued by the city, including taxes and various public services. This innovative payment system, powered by Swiss crypto firm Bitcoin Suisse, leverages Swiss QR-Bill technology. This allows for a straightforward process where taxpayers can simply scan a QR code on their bill and pay the amount using their preferred mobile crypto wallet.

Plan B: Lugano’s Vision for Financial Transformation

This initiative is a key component of Lugano’s “Plan B,” a collaborative effort with Tether aimed at transforming the city’s financial system using Bitcoin technology. Plan B is an ambitious project that seeks to integrate blockchain solutions into daily municipal operations, aiming to expand crypto payments into various areas of civic life.

Switzerland’s Growing Crypto Adoption

Lugano’s move aligns with a broader trend of cryptocurrency adoption within Switzerland. Prior to Lugano’s announcement, the Swiss canton of Zug started accepting Bitcoin and Ethereum (ETH) for tax payments in 2021, in collaboration with Bitcoin Suisse. Additionally, in 2020, Zermatt, another Swiss municipality, also commenced accepting Bitcoin for tax payments.

This adoption across Swiss cities highlights the country’s progressive stance on cryptocurrency and blockchain technology, positioning Switzerland as a leader in the crypto-friendly landscape.

The adoption of cryptocurrencies like Bitcoin and Tether by the city of Lugano for municipal payments reflects a significant shift towards digital currencies in the public sector. It not only demonstrates the growing acceptance and integration of cryptocurrency in everyday financial transactions but also positions Lugano as a pioneering city in blockchain technology adoption​

The post Swiss city embraces cryptocurrency for municipal payments appeared first on Crypto Reporter.

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