Lugano, Switzerland now accepts Bitcoin and Tether for tax payments, expanding its cryptocurrency integration.
Recently, the Swiss city of Lugano has embraced cryptocurrency, enabling its residents and businesses to use Bitcoin and Tether for paying taxes and various community charges. This initiative marks a significant step in the city’s efforts to integrate digital currencies into its financial system.
Lugano, recognized for its progressive stance on financial technologies, has expanded its cryptocurrency adoption by allowing payments for municipal services and taxes using digital currencies. Additionally, the city’s administration, as of December 5th, has implemented a system that facilitates cryptocurrency transactions for all local services, irrespective of the service type or the billed amount. This integration is a part of Lugano’s broader strategy, known as Plan B, in collaboration with Tether, aiming to leverage Bitcoin technology to revolutionize the city’s financial infrastructure.
Bitcoin Suisse, a Swiss institutional-grade cryptocurrency platform, plays a pivotal role in this endeavor. It supports Lugano in executing Plan B by offering a technical solution that enables the city to accept Bitcoin and Tether for tax collection and other municipal service payments. Furthermore, this automated process includes the Swiss QR-bill system, allowing residents to easily pay taxes or services using their preferred mobile wallet and selected cryptocurrency by scanning a QR code on their invoice.
Expanding Blockchain Integration in Lugano
Lugano’s journey in integrating cryptocurrency began in March 2022, in partnership with Tether. This initiative led to the adoption of blockchain-based solutions such as the MyLugano app, the LVGA Points payment token, the Lugano digital franc, and the 3Achain blockchain infrastructure. These developments have positioned Lugano at the forefront of digital currency adoption in Switzerland.
Lugano is not alone in Switzerland in its embrace of Bitcoin. For instance, the Swiss canton of Zug started accepting Bitcoin and Ether for tax payments from businesses and individuals in 2021. Similarly, in January 2020, Zermatt, a municipality in the canton of Valais, introduced the option to pay taxes in Bitcoin, in partnership with Bitcoin Suisse.
Lastly, this adoption of cryptocurrencies for tax payments in Swiss cities like Lugano reflects a growing trend towards integrating digital currencies into traditional financial systems. It showcases Switzerland’s role as a leader in financial technology and digital currency adoption, paving the way for other cities and countries to explore similar integrations.