The Swiss city of Lugano announced on December 5, 2023, that Bitcoin (BTC) and Tether (USDT) will be accepted as payment methods for taxes and other municipal fees. This is a component of Lugano and Tether’s joint initiatives, dubbed Plan B, which aims to use Bitcoin technology to revive the city’s financial sector.
Prior to this, Lugano only permitted cryptocurrency payments to be made straight through the official website of the city. Nevertheless, the latest advancement broadens the scope to include all invoices, irrespective of their type or value. Residents and businesses in Lugano can now pay their bills by use their favourite mobile wallets to scan the QR code on the invoice. Tether (USDT) and Bitcoin (BTC) are the two acceptable assets.
This most recent version is a part of Lugano’s Plan B, a partnership with Tether, which aims to incorporate Bitcoin into everyday life. The payment solution’s technical aspects will be handled by Bitcoin Suisse, which provides a practical way to take payments in both USDT and BTC. Chief Product Officer of Bitcoin Suisse Armin Schmid stated his happiness to help Lugano in its endeavour to promote blockchain adoption.
For a while now, Switzerland has been at the forefront of the adoption of cryptocurrency assets. As early as 2021, Zug City started to accept Bitcoin and Ethereum for tax settlements; the Canton of Zug and the municipality of Zermatt had previously put the system into place. One of the biggest Swiss cantonal banks, St. Galler Kantonalbank, revealed last month that it has officially launched Bitcoin and Ethereum trading as well as custody services for a number of clients.