bitcoinBTC/USD
$ 19,794.58
ethereumETH/USD
$ 1,106.50
tetherUSDT/USD
$ 1.00
cardanoADA/USD
$ 0.45221
xrpXRP/USD
$ 0.321398
usd-coinUSDC/USD
$ 1.00

The City of Lugano Announces Partnership With Tether For Adopting Crypto Tax Payments

Lugano to Follow the Footsteps of El Salvador and Adopt Blockchain Technology

The beautiful city of Switzerland, Lugano, has announced a partnership with Tether Operations Limited. This collaboration aims to enhance technology and offer its citizens an opportunity to pay their taxes using cryptocurrencies

According to the announcement from the two partners, the partnership will aid in the establishment of a European center of excellence for blockchain adoption. In addition, it will boost the scaling of Lugano’s blockchain infrastructure as the city strives to become a key hub for the new technology in the EU.

Furthermore, the Mayor of Lugano, Michele Foletti, stated his opinion on the new partnership. According to Foletti, Lugano is making an investment in its future. He further noted that many blockchain-based solutions have been introduced in Lugano in recent years. Some worth mentioning are the MyLugano app, its LVGA Points payment token, the Lugano digital franc, and the 3Achain blockchain infrastructure. Correspondingly, the Mayor emphasized his firm belief that this technology, the possibility of scaling it, and their integrated work with Tether will help create a better, transparent, and smart city environment.

As Tether will continue to support the city of Lugano, it will also be the host of this year’s event, the “Bitcoin World Summit.” The main focus of this event will be on how blockchain technology is changing the way people communicate and do business. The event is scheduled to take place in October.

How Will Tether Assist Lugano City Towards Crypto Payments?

In light of the partnership, Tether will also assist the City of Lugano in transforming the adaptability of its companies towards crypto payments. Tether will help them to begin taking stablecoins as payment for their services. This and other targeted developments will be made possible thanks to Tether’s technology infrastructure as the biggest stablecoin issuer in the world.

According to the release, one solution to be implemented into its services for the city, assisted by Tether, is the “Lightning Network.” It is successfully proven that the Lightning Network has overcome blockchain scaling issues with the presence of security, trustlessness, or privacy. 

There is more to this partnership. As partners agreed, the deal plans to accept yearly tax payments in various cryptocurrencies, including Bitcoin, Tether, and a few CHF-based stablecoins. There are some similarities regarding this new advancement between Switzerland’s Lugano – Tether tax arrangement and the US State of Colorado. As reported, Colorado also expects to begin taking cryptocurrency tax payments later this year.

Also read:

Related News

The withdrawal limit for traders has been temporarily lowered by cryptocurrency-backed loans provider CoinLoan.

The Withdrawal Limit Temporarily Reduced by CoinLoan

The withdrawal limit for traders has been temporarily lowered by cryptocurrency-backed loans provider CoinLoan. The corporation cited the present market crash as the reason for the decision. Due to the change, customers are now limited to a $5,000 maximum withdrawal limit each day. In their announcement, they noted the following: “the interest we pay on the Interest Accounts is yielded by issuing overcollateralized loans to other platform users. Hence in some

Read More »
The price may perhaps clear the $1,200 obstacle above the next significant resistance, which is located close to the $1,180 zone.

New Surge in Sight As Ethereum (ETH) Gathers Momentum

Following a period of stability at $1,000 versus the US Dollar, Ethereum (ETH) enters a new uptrend. Above the $1,150 barrier level, Ethereum (ETH) can move much higher. Near the $1,070 region, the pricing was able to overcome a few significant obstacles. Even the 61.8 percent Fib retracement level of the significant decline from the swing high of $1,235 to the low of $997 was tested by the price. The

Read More »
In order to share their doubts about the industry, the first anti-crypto conference attendees are hoping to get a word with officials from the government.

Crypto Policy Symposium 2022: The First Anti-Crypto Conference

In order to share their doubts about the industry, the first anti-crypto conference attendees are hoping to get a word with officials from the government. Critics of the industry and doubters have joined together to host their own anti-crypto conference where they can express their doubts and connect with legislators in the midst of the most recent crypto bear market. The Crypto Policy Symposium promises to provide skeptics a platform

Read More »

My Coins

bitcoinBitcoin
$ 19,794.580.52%
ethereumEthereum
$ 1,106.501.52%
cardanoCardano
$ 0.452211.56%
tetherTether
$ 1.000.1%

Newest Videos on YouTube

We inform and educate people about Cryptocurrencies and Blockchain technology.

© Copyright 2021, All Rights Reserved,
Crypto Academy

Bitcoin

Contact Us

For any question conatct us through:

sales@crypto-academy.org

Disclaimer: All information and materials on this website are for educational purposes only. Crypto-academy.org does not provide any form of financial advice. Cryptocurrencies are highly volatile, therefore any form of investing carries a high level of risk to your capital. It is recommended that you seek professional advice prior to implementing any investment or financial plan.

We do not ask you for your Cryptocurrency / We do not hold your Coins / We do not ask for Private Keys / Be aware of scammers and imposters.

Contact us only through: sales@crypto-academy.org