Swiss City Lugano Now Accepts Cryptocurrency For Tax Payments
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Swiss City Lugano Now Accepts Cryptocurrency For Tax Payments

  • Swiss City Lugano embraces crypto future, now accepts Bitcoin and Tether for tax and fee payments.
  • This is made possible via Bitcoin Suisse.

The city of Lugano, Switzerland, has boldly stepped into the future of finance by adopting digital currencies for municipal transactions. 

This pioneering initiative, announced on December 5, allows the city to accept Bitcoin and Tether for tax payments and other municipal fees.

This development is not just a technological leap but a strategic component of Lugano’s “Plan B.” This venture, in collaboration with Tether, aims to harness Bitcoin technology to revolutionize Lugano’s financial system.

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Bitcoin and Tether Approved for Tax Payments

Underpinning the initiative is the Swiss cryptocurrency platform Bitcoin Suisse, which plays a critical role as the technical partner, facilitating the seamless integration of cryptocurrency payments.

The convenience offered by this new system is noteworthy. Lugano’s residents can now easily settle their tax obligations and other services by scanning the Swiss QR-bill code on their invoices. 

This process enables transactions through their preferred mobile wallet using the chosen cryptocurrency.

Armin Schmid, Chief Product Officer at Bitcoin Suisse, lauded this development, stating,

“It is great to see that more and more Swiss municipalities are offering payments in cryptocurrencies as an option available to both citizens and companies, complementing traditional payment methods such as post-office counters and e-banking platforms.”

However, Lugano is no stranger to blockchain technology. The city has previously integrated blockchain solutions, including the Polygon chain in the MyLugano app, the LVGA Points payment token, the Lugano digital franc, and the 3Achain blockchain infrastructure.

Lugano’s approach mirrors a growing global trend toward embracing digital assets in government transactions.

See Also: Coinbase Wallet Enables Money Transfers Through Social Media Platforms

A Growing Trend of New Crypto Use Cases

Similarly, Banco do Brasil, Brazil’s oldest bank, announced a partnership with Bitfy in February 2023. The partnership enabled tax payments using digital assets.

This collaboration signified a major leap in adopting “new financial technologies.” It offered greater convenience to users while expanding options for tax collection authorities.

Lucas Schoch, CEO of Bitfy, emphasized the significance of this development at the time:

“The new digital economy is a catalyst for a future full of advantages. This partnership makes it possible to expand the use and access to the ecosystem of digital assets with a national scope.”

Overall, the adoption of digital currencies for governmental transactions, as seen in Lugano and Brazil, indicates a significant shift. It underscores the growing acceptance of crypto as a legitimate and practical tool in everyday financial operations.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.