Lugano has fully embraced cryptocurrency after partnering with major stablecoin issuer Tether. However, it didn’t go as far as El Salvador.
Lugano, the largest city in Switzerland’s Ticino canton, has recognized bitcoin (BTC), the largest cryptocurrency, and Tether (USDT), the leading stablecoin, as well as the city’s LVGA Points token, as “genuine” legal tender.
Residents of Lugano with a population of 62,000 will now be able to pay taxes in the aforementioned cryptocurrencies. They will soon make it possible to use crypto for a wide range of goods and services once the technical infrastructure is built.
This was made possible after a partnership with USDT issuer Tether Operations Ltd. They have set up a blockchain adoption hub, which could turn Lugano into a major cryptocurrency hub.Tether and other crypto companies will also form a major fund in the city to build blockchain services.
The Swiss franc will still be the only legal tender in Lugano. This sets it apart from El Salvador, which made bitcoin its second official currency last September.