Switzerland's Lugano City to Allow Crypto Tax Payments via Tether

by in Cryptocurrency News

Tether Lugano partnership

Lugano, a city in southern Switzerland’s Italian-speaking Ticino region is adopting tax payments with crypto. The city teamed up with the developer of USDT stablecoin, Tether Operations to manage transactions. Due to this step, citizens can pay yearly taxes and city services in Bitcoin, USDT and chosen stablecoins pegged to Switzerland's official currency Swiss Franc (CHF). The strategic collaboration between Lugano and Tether will boost the adoption of blockchain in Europe.

Related: Switzerland’s Fin. Regulator Approves the First Crypto Fund

The news was informed by Lugano officials, on March 3, during the Plan B event. An official press release says that Lugano will also use the layer 2 payment protocol Lightning Network to integrate crypto into Lugano’s solutions. They will organize different initiatives including a specialized center hosting companies and startups to support their foundation and everyday operations. Lugano Mayor Michele Foletti said that Lugano is working towards the future.

Previously, the city has introduced several blockchain-powered products and services including the MyLugano application.

Foletti said that he believes that blockchain tech and that the built partnership with Tether can create a more open and smart city.

Tether CTO, Paolo Ardoino said that Lugano is an active city, and there are many innovators and that the company looks forward to Lugano turning into a model for worldwide adoption of blockchain platforms. USDT is the world's largest stablecoin with over $63 billion market capitalization.