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.