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In a groundbreaking initiative, Lugano, Switzerland has embraced the forefront of financial technology by integrating Bitcoin (BTC) and Tether (USDT) into its tax payment system. Starting from today, residents and businesses in Lugano have the option to use these two cryptocurrencies for settling various municipal bills, including those related to property and income taxes.
This pioneering decision marks Lugano as one of the initial global cities to incorporate cryptocurrencies like Bitcoin and Tether for the payment of all municipal charges and services. The city’s leap into the crypto world is a testament to its commitment to integrating this innovative technology into everyday financial transactions.
Lugano and Tether’s broader “Plan B” strategy
The implementation of this crypto-based tax payment option is a key component of Lugano and Tether’s broader “Plan B” strategy. This ambitious plan aims to revolutionize the city’s financial infrastructure using blockchain technology, with Bitcoin as a foundational layer. The objective is to make cryptocurrency a commonplace tool for daily transactions such as tax payments.
Collaborating closely with Bitcoin Suisse, a leading Swiss firm specializing in cryptocurrency financial services, Lugano has successfully developed a user-friendly solution for crypto transactions. Bitcoin Suisse has modified the existing QR-Bill system to ensure seamless transactions using Bitcoin and Tether. This enhancement enables taxpayers to easily pay their dues by scanning a QR code and confirming the payment via a mobile wallet application.
Armin Schmid, Chief Product Officer at Bitcoin Suisse, expressed enthusiasm about assisting Lugano in its journey towards leveraging Bitcoin technology to transform its financial infrastructure.
Lugano’s initiative is part of a growing trend in Switzerland, where several municipalities are increasingly adopting cryptocurrencies. Swiss cities and regions like Zug, Zermatt, and the canton of Zug have already implemented similar systems, allowing crypto payments for taxes and government services.
By providing a convenient and modern way to pay taxes using digital currencies, Lugano is not only mainstreaming cryptocurrency usage but also establishing a model for other cities around the world. This move marks a significant milestone in blockchain adoption within Switzerland and potentially sets a precedent for other cities globally.
The City of Lugano now accepts the payment of taxes and other municipal services in #Bitcoin (#BTC) and #Tether (#USDT).
👉 Starting today, #Lugano will accept Bitcoin and Tether as a means of payment through a simple and fully automated process, utilizing Bitcoin Suisse.
Read… pic.twitter.com/hBo1Q3F7zX
— Bitcoin Suisse (@BitcoinSuisseAG) December 5, 2023
If you’ve ever wanted to get new experience for surviving on Bitcoin, Laguno, Switzerland, is a good choice to go. There are hundreds of businesses in Laguno that take Bitcoin.
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