The citizens of Lugano will be able to pay taxes in crypto and also many local businesses will be able to accept cryptocurrencies.
Switzerland is a crypto and blockchain-friendly Central European country. In Switzerland, people can easily trade and use crypto assets at their level because there are many provisions by the government agencies for the companies to use crypto and blockchain technology and these things are giving Freedom to all the businesses in Switzerland to start unique initiatives with Blockchain technology.
On 3 March, Paolo Ardoino, chief technical officer of USDT Stablecoin issuer company Tether, speaking at the city’s Plan B event stated that under the collaboration with Lugano officials company had set up a 3 million-Swiss franc fund to push the Bitcoin, Tether, and LVGA token adoption in the city to make it a hub of Crypto.
Paolo said that the main aim of this initiative is to attract talents in Lugano and enhance the engagement of crypto assets in the payment system in the local businesses.
“We want to show that these tools, these instruments, these currencies that were created can be put to work in a (locally-controlled) vibrant environment like the city of Lugano.”
This project aimed to allow the Lugano residents to pay their taxes, parking tickets, public services, and tuition fees for students with the use of Crypto.
If it will successfully get introduced then surely it will engage more than 200 shops and businesses to accept and allow the citizens to go with the crypto payment system.
Paolo took the reference of Bitcoin law of El Salvador, which was introduced legally on 7 September, and after that Bitcoin grabbed legal status to get accepted in the payment system.
Under this project expansion, Tether will extend the fund to 100 million Swiss francs to create crypto & blockchain unicorns with more than $1 billion valuation.
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