Bitcoin, Tether to become ‘De Facto’ legal tender of Swiss city of Lugano

The City of Lugano, the ninth-largest city in Switzerland, is making Bitcoin, Tether, and its own token, LVGA as “de facto” legal tenders of the city.

Over the next few months, over 200 companies and stores will start accepting them as means of payment. The three cryptocurrencies can be used for a wide range of payments, including personal and corporate taxes, public service fees, and even tuition fees after the relevant technological infrastructure is established.

BREAKING NEWS: #Bitcoin , #Tether & the City's LVGA token will become de facto LEGAL TENDER in Lugano #LuganoPlanB pic.twitter.com/gvZKKRveOI

— Tether (@Tether_to) March 3, 2022

The news came a month after USDT stablecoin issuer Tether revealed plans to make Lugano the ‘Bitcoin capital of Europe.’ At the time, not much was known about the city’s plans except for a press conference titled ‘Lugano’s Plan B,’ scheduled for March 3.

The press conference, live-streamed on Thursday, saw mayor Michele Foletti, city director Pietro Poretti, and CTO of Tether Paolo Ardoino, announcing the city’s plans. In addition to introducing the three crypto-assets as payment methods, the city will also create funds to support blockchain start-ups, and cooperate with universities and research institutes to support blockchain education.

Furthermore, Lugano will conduct an event, titled Bitcoin World Forum, in October this year. The focus of the event will be to promote deep conversation around freedom of communication and finance, a press release issued Thursday stated.

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